The Asian Development Bank and the Energy Market Authority (EMA) of Singapore have joined hands in partnership for developing renewable energy generation and transmission across the ASEAN region. The MoU will also provide support towards setting up the ASEAN Power Grid.
The agreement paves the path for Singapore to decarbonize its power sector and enable it to import clean energy from ASEAN.
EMA Chief Executive Ngiam Shih Chun said of the partnership “will combine the expertise and resources of EMA and ADB to further unlock the potential for low-carbon electricity to power the region and boost efforts to decarbonize our power sector through imports of low-carbon electricity.”
The ADB is aiming for the delivery of 100 billion US dollars in climate financing across the region from years 2019 to 2030. It also lending support to various countries in making the transition to low carbon economies while making the transition to clean energy.
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