The World Bank has unveiled its $2.5 billion Accelerating Sustainable Energy Transition Program, aimed at advancing the shift of developing countries in East Asia and the Pacific toward renewable energy sources.
The program is projected to add 2.5 gigawatts of renewable energy capacity, equivalent to 50 utility-scale solar farms or over 1,000 wind turbines. It is expected to reduce carbon emissions by 60 million tonnes while providing over 20 million people with new or improved access to clean electricity.
“This program is part of the World Bank's global effort to combat climate change through an accelerated energy transition. Other development partners are expected to join this platform for financing and knowledge to scale up impact,” stated Manuela Ferro, Vice President for East Asia and Pacific at the World Bank.
In its initial phase, the program will allocate $260 million in grants and credits to enhance access to renewable energy and improve the reliability of electricity supply in Papua New Guinea. It will also support clean energy generation and bolster the reliability and quality of electricity services in parts of the Republic of the Marshall Islands.
Additionally, a $5 million grant, to be managed by the ASEAN Centre for Energy, will focus on scaling up renewable energy and promoting cross-border electricity trade among ASEAN countries.
Future phases of the funding will extend to Cambodia, the Federated States of Micronesia, Indonesia, and Mongolia.
