The US Agency for International and Development (USAID) has partnered with the Asian Development Bank (ADB) to accelerate the transition to a more sustainable, secure and market-driven energy sector.
USAID and the ADB have signed an agreement to mobilise $7 billion of investments towards clean energy projects in the Asia Pacific region.
The two plans to boost the region’s clean energy capacity by 6GW and energy trade by 10% over the next five years.
Signed during the Asia Clean Energy Forum, the deal will promote energy efficiency and energy sector policy reforms.
The partnership is part of efforts to address climate change and to eradicate extreme poverty.
USAID marks the first anniversary of its Asia Enhancing Development and Growth through Energy (Asia EDGE), next month.
ADB in 2018 invested $21.6 billion to help its 68 members of which 49 are from within the region.