The Asian Development Bank (ADB) and Japan’s Ministry of Economy, Trade and Industry (METI) have signed a memorandum of cooperation (MOC) for clean energy promotion in South-East Asia. The cooperation, under the Cleaner Energy Future Initiative for ASEAN (CEFIA), will strengthen their efforts in the areas that focus on energy transition including renewable energy, energy conservation and efficiency.
“Southeast Asia has experienced unprecedented growth in recent years, making it critical to ensure sustainable development in the region,” said Bambang Susantono, ADB Vice-President for Knowledge Management and Sustainable Development. “Japan is a very important partner for ADB and through this MOC, we will further strengthen our cooperation and commitment to help accelerate the ongoing energy transition and drive climate action within the ASEAN region.”
CEFIA was established in 2019 to promote the uptake of low-carbon energy technologies in the ASEAN region through greater collaboration of the public and private sectors. Under the agreement, ADB and METI will undertake a variety of activities including conducting consultations, advisory on implementation of CEFIA’s flagship projects, policy research, capacity building activities, as well as share data and experiences in the energy sector.
Between 2008 and 2020, ADB has invested more than $25 billion in clean energy. In 2020, ADB invested $440 million in the clean energy space in the ASEAN region. ADB plans to provide $80 billion in cumulative climate financing by 2030 under its Strategy 2030.