$2b investment in energy
8 June, 2018, 11:24 am
THE Asian Development Bank is assisting the Fijian Government in developing the institutional capacity for regulation of the country’s electricity sector, while developing a sector investment planning framework.
A new report by the ADB also confirmed that it will support more than $US1 billion ($F2b) in energy investments in the Pacific between 2018-2021, including 19 projects to help countries in the subregion have better access to quality, affordable, and sustainable energy sources.
The Pacific Energy Update 2018 provides a comprehensive overview of ADB’s energy-focused work in the Pacific. The publication highlights the impacts of ADB-supported energy initiatives completed in 2017 and ongoing in 2018, while providing details of ADB’s future plans in the subregion’s energy sector.
ADB’s Transport, Energy, and Natural Resources Division director for the Pacific Olly Norojono said ADB was helping the Pacific region plan for a renewable energy future and improve regional energy systems by promoting energy efficiency and renewable energy, maximising access to energy for all and supporting energy sector reform, capacity building, and effective governance.
Meanwhile the report highlighted ADB’s efforts and partnership with governments, communities, private sector, and other development partners to help improve the availability and quality of clean and affordable sustainable power in the Pacific region.
A media statement from ADB said the report also provided a country-by-country snapshot of various energy projects and technical assistance, which Pacific governments have prioritised for ADB assistance.
It confirmed that ADB is supporting 15 active projects in 11 countries in the Pacific worth $US426 million ($F877m).
The bank had also approved the Pacific Renewable Energy Investment Facility in June 2017 to help fund a series of renewable energy projects and sector reforms in the smallest 11 Pacific Island countries.
For instance, a project to help reduce the Marshall Islands’ consumption of fossil fuels and increase renewable energy generation — 20 per cent of the country’s energy mix by 2020 — received a $US2m ($F4m) grant from the facility in December 2017.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members — 48 from the region.