On July 10, 2020, Asian Development Bank (ADB), a regional development bank has renewed a memorandum of understanding (MOU) for 3 years with the Paris (France) based International Energy Agency (IEA) during IEA’s Clean Energy Transitions Summit 2020 with the aim to further increase the collaboration on sustainability with a focus on energy sector resilience in Asia and the Pacific as this sector is a key promoter of growth and human development, especially during recovery from the impacts of the coronavirus (COVID-19) pandemic.
Background:
ADB, which earlier inked a 3-year MOU with IEA in March 2017 to share knowledge and best practice in energy sector data and analysis, on-the-ground engagement, capacity building, technology, and innovation, among other areas in ADB’s developing member countries.
Key Points:
i.The MoU will pave the way to overcome unique knowledge and bridge the experience gap that prevents the development of sustainable energy systems in ADB’s developing member countries and enhance IEA’s data collection and capacity building efforts in Asia and the Pacific.
ii.From the year 2008 to 2019, ADB has offered over $23 billion in clean energy, including both sovereign and nonsovereign initiatives. In addition to that in 2019, it provides climate financing amounting $6.56 billion that results in meeting its target of doubling its annual climate investments from 2014 one year ahead of schedule.
iii.By the year 2030, ADB aims to provide 80 billion dollars from its own resources and for at least 75 % of its country operations to feature climate adaptation and mitigation initiatives.
About Asian Development Bank (ADB):
Headquarters– Mandaluyong, Philippines
President– Masatsugu Asakawa
Membership– 68 countries
About International Energy Agency (IEA):
Headquarters– Paris, France
Executive Director– Fatih Birol
