In August 2024, ADB signed a Memorandum of Cooperation with the Ministry of Economy, Trade and Industry of Japan (METI) and the Economic Research Institute for ASEAN and East Asia (ERIA) under the Asia Zero Emissions Community (AZEC) to accelerate whole-of-economy transitions including practical energy transitions in Asia. As a part of this joint effort, the three parties formed a working group that actively work together for this shared objective.

The AZEC working group is drafting a joint report on Transition Finance in ASEAN that explores scalable financing mechanisms for key technological innovations and is set to be launched to the AZEC community on their 3rd Ministerial Meeting in September. The joint report is a call to action aspiring to fuel more cross-collaboration between key stakeholders to drive project development forward and achieve impact at scale.