Energy demand in the Asia and Pacific region has increased rapidly fueled by strong economic and population growth over the recent decades. The expansion of the energy sector was largely based on fossil fuels, which increased the greenhouse gas emissions emanating from the region drastically. Given the threat posed by climate change, Asia Pacific countries need to decarbonize their energy systems and embark on an energy transition. Clean energy technologies have witnessed significant cost reductions in recent years making them viable alternatives to existing fossil-fired technologies. ADB is committed to supporting its developing member countries in achieving Sustainable Development Goal 7, universal access to affordable, reliable and modern energy services, and also accelerating energy transition to mitigate global climate change under the Paris Agreement. In this regard ADB will support the deployment of renewable energy, energy efficiency and conservation, and measures to reinforce grid stability to enable the integration of large share of variable renewable energy.
Bilateral and multilateral cooperation to analyze the impact of innovative technologies and share best practices for the development, dissemination and deployment of new technologies and enabling policy and regulatory frameworks for private investment is paramount to intensify the decarbonization of the energy sector. The Cleaner Energy Future Initiative for ASEAN (CEFIA), initiated by METI, Japan, seeks to support such knowledge sharing to advance international actions to tackle climate change and enhancing environmental sustainability, in collaboration with ADB.
- Identification of possible roles to be played by international financial institutions and local banks in facilitating transition technologies and finance in Asia and Pacific
- Increased recognition on the need for guides, including principles and roadmaps, which help Asian countries engage in transition technologies and finance.
Dr. Yongping Zhai, Chief of Energy Sector Group, Asian Development Bank
Mr. Takashi Omote, Deputy Director-General for Industrial Science, Technology, and Environmental Policy, METI, Japan
Introduction of international collaborative activities from CEFIA
Finance to accelerate low carbon technology deployment for energy transition
Mr. Toshiaki Nagata, Director, Global Environment Partnership Office, METI, Japan
Ministry of Economy, Trade and Industry (METI):
Ministry of Economy, Trade and Industry (METI) is a ministry of the Government of Japan. METI’s mission is to develop Japan’s economy and industry by focusing on promoting economic vitality in private companies and smoothly advancing external economic relationships, and to secure stable and efficient supply of energy and mineral resources.
Asian Development Bank (ADB):
The Asian Development Bank was conceived in the early 1960s as a financial institution that would be Asian in character and foster economic growth and cooperation in one of the poorest regions in the world. ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development. ADB is composed of 68 members, 49 of which are from the Asia and Pacific region.
Point of Contact
Toshiaki Nagata, METI
Toru Ito, ADB
Florian Kitt, ADB