ADB, Singapore’s EMA to promote clean energy
The Asian Development Bank (ADB) and the Energy Market Authority (EMA) of Singapore have collaborated to boost the adoption of clean and sustainable sources of energy. The aim of this partnership is to support the development of clean energy projects and promote their deployment in the region. Under this joint effort, the ADB and EMA will work together to provide technical assistance, capacity building, and knowledge sharing activities. This includes assisting countries in the implementation of policies, regulations, and standards that facilitate the integration of clean energy into their energy mix. By pooling their expertise and resources, the ADB and EMA hope to accelerate the transition towards a cleaner and more sustainable energy future in the region. They will support the development of renewable energy projects, such as solar, wind, and hydro power, as well as energy efficiency initiatives. Through this collaboration, the two organizations aim to foster the exchange of best practices, promote innovation, and enhance the capabilities of countries in the region to develop their own clean energy solutions. This will ultimately contribute to reducing greenhouse gas emissions, improving energy security, and promoting economic growth. The ADB and EMA are committed to working closely with governments, private sector entities, and other stakeholders to achieve their shared goals. By promoting the adoption of clean energy technologies and practices, they aspire to create a more sustainable and environmentally friendly energy sector in the region.
A memorandum of understanding (MoU) opens the door for the advancement of renewable energy generation and transmission in the ASEAN region.
The Article July 11, 2023
The ADB and EMA of Singapore have agreed to work together to promote the growth of renewable energy production and distribution throughout the Asean region. Additionally, they aim to facilitate the creation of the Asean Power Grid.
Additionally, the collaboration will enhance Singapore's attempts to reduce its carbon emissions in the power industry and acquire environmentally friendly electricity from neighboring areas.
The partnership will entail exchanging knowledge and top-notch approaches in fields such as cooperation between regions, collaborations between the public and private sectors, organizing and obtaining funds for projects.
The MoU also authorizes ADB to utilize its complete range of offerings and assistance in aiding Asean nations and project sponsors in executing and overseeing the vulnerabilities of environmentally friendly energy projects in the area.
Ahmed M. Saeed, the vice-president for East and Southeast Asia and the Pacific at the ADB, emphasizes the need for strong collaboration and a variety of funding options in order to successfully transition to clean energy in ASEAN countries. He believes that investing in clean energy will not only help us achieve net zero emissions but also contribute to robust and sustainable economic growth.