Pacific Islands Clean Energy Funding from ADB

The Asian Development Bank (ADB) will invest $228 million in energy projects in the Pacific in the next 3 years to help the region reduce its heavy reliance on fossil fuels and support more sustainable and environmentally friendly growth, according to its new Pacific Energy Update 2014. The report provides a summary of existing operations in Cook Islands, Fiji, Federated States of Micronesia, Marshall Islands, Nauru, Papua New Guinea, Samoa, Solomon Islands, Tonga, and Vanuatu, as well as regional initiatives. Read More

ADB to Invest $228 Million in Energy Projects in Pacific for 2015-2017

7 July 2014

ADB funds and products; Energy

ADB supports investments in power transmission and distribution to expand service availability and improve system reliability.

MANILA, PHILIPPINES – The Asian Development Bank (ADB) will invest $228 million in energy projects in the Pacific in the next 3 years to help the region reduce its heavy reliance on fossil fuels and support more sustainable and environmentally friendly growth, according to its new Pacific Energy Update 2014.

“ADB’s energy strategy in the Pacific is focused on assisting Pacific governments with projects that will build greater energy security and sustainability in the region,” said Mike Trainor, ADB’s Pacific Energy Specialist and lead author of the report.

The report says that between 2005 and 2030, demand for electricity in the Pacific region is expected to grow by 7% annually, above the growth of electricity generation at 6.4% annually. Pacific countries will likely remain dependent on expensive imported fossil fuels as the dominant source of electricity until 2030. But the region is making increasing progress in developing renewable energy alternative, and boosting energy efficiency, the report adds.

In the last 4 years ADB has approved four energy projects in Cook Islands, Nauru, Samoa, and Solomon Islands. The proposed energy projects will add to an existing pipeline of loans, grants, and technical assistance totaling $297 million.

ADB is also supporting governments’ efforts to improve efficiency through adoption of minimum energy performance standards for appliances; and upgrading street lighting using energy efficient, long-life technologies. Reforms, education and training, and good governance in the energy sector are other key areas that ADB is working on.

The Energy Update highlights the breadth of energy assistance in the energy sector. It describes country-by-country pipelines of projects and technical assistance that governments have prioritized for ADB assistance. The report also provides a summary of existing operations in Cook Islands, Fiji, Federated States of Micronesia, Marshall Islands, Nauru, Papua New Guinea, Samoa, Solomon Islands, Tonga, and Vanuatu, as well as regional initiatives.

ADB’s vision is an Asia and Pacific region free of poverty. Its mission is to help its developing member countries reduce poverty and improve the quality of life of their people. Despite the region’s many successes, it remains home to approximately two-thirds of the world’s poor: 1.6 billion people who live on less than $2 a day, with 733 million struggling on less than $1.25 a day. ADB is committed to reducing poverty through inclusive economic growth, environmentally sustainable growth, and regional integration.

Based in Manila, ADB is owned by 67 members, including 48 from the region. Its main instruments for helping its developing member countries are policy dialogue, loans, equity investments, guarantees, grants, and technical assistance.

Source: http://www.adb.org/