Japan Announces $25 Million for ADB-Led Energy Transition Mechanism in Southeast Asia.
ENPNewswire-November 4, 2021--Japan Announces $25 Million for ADB-Led Energy Transition Mechanism in Southeast Asia
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Release date- 03112021 - Japan Announces $25 Million for ADB-Led Energy Transition Mechanism in Southeast Asia.
The Government of Japan's grant is the first seed financing to be announced for the Energy Transition Mechanism, which is being studied and piloted in Southeast Asia, starting with Indonesia and the Philippines.
The Government of Japan today announced a grant of $25 million toward the Energy Transition Mechanism (ETM) partnership led by the Asian Development Bank (ADB).
The announcement was made at the launch of the ETM Southeast Asia Partnership at COP26 in Glasgow by Vice-Minister for International Affairs at the Ministry of Finance of Japan Masato Kanda.
The grant is the first seed financing to be announced for ETM, which is being studied and piloted in Southeast Asia, starting with Indonesia and the Philippines.
'ETM has the potential to be a game changer in cutting greenhouse gas emissions in Asia and the Pacific by accelerating the transition from carbon-intensive energy to clean, reliable energy,' said ADB President Masatsugu Asakawa. 'We are grateful for the support of key partners such as Japan and others who support ETM and the need to take transformational action in the battle against climate change.'
'Japan has been emphasizing the importance of transition finance to achieve the 1.5-degreeC goal, especially in the Asia and the Pacific region, where countries heavily rely on coal-fired electricity,' Mr. Kanda said. 'Japan therefore fully supports the innovative ETM, which plays a critically important role in promoting the smooth transition from coal to cleaner energy while ensuring universal...
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