MANILA, Philippines, Nov. 16 -- The Asian Development Bank issued the following news release:
The Asian Development Bank (ADB) has approved a $3 million facility to fund project preparations for ADB-supported clean energy projects in the Pacific.
"This new technical assistance aims to strengthen the reliability and sustainability of the energy sector and mobilize private sector investments in clean and renewable energy," said ADB Energy Specialist for the Pacific Rafael Abbasov. "The proposed projects covered by the facility will improve the quality of energy supply, reduce commercial and technical losses, and improve the financial performance of energy utilities in the region."
The technical assistance facility will support due diligence, preparation and procurement, and reform recommendations for projects such as the Federated States of Micronesia Climate Resilient Energy and Water Project, the Marshall Islands Electrification Project, and the Solomon Islands Sustainable Solar Development Investment Program. It will also provide technical expertise to prioritize, plan, and prepare investment projects.
The facility aligns with ADB's Pacific Approach, 2021-2025, which aims to deliver sustainable services wherein renewable energy-based electricity generation has a key role to play.
ADB recently raised its ambition for 2019-2030 cumulative climate financing to $100 billion and is committed to ensuring that at least 75% of its projects will address climate change mitigation and adaptation by 2030.