The 6thTV CHOSUN International Forum
Session 4: Asian Low-Carbon Energy Transition, 31 March 2022
Intervention by Woochong Um, Managing Director General, ADB
Last year, ADB revised the 2009 Energy Policy to support a low-carbon transition in the Asia-Pacific region. The 2021 Energy Policy commits ADB to formally withdraw from financing new coal-fired power generation, to not support any natural gas exploration or drilling activities and be selective in its support to other natural gas activities. The new Policy aims to ensure access to affordable, reliable, sustainable, and modern energy for all, and among its cornerstones is the focus on addressing climate change.
Climate change is putting at risk many of the development gains that Asia and the Pacific achieved in recent decades. At the same time, the region’s economic growth has come at a high cost of increased greenhouse gas (GHG) emissions, accounting for about 50% of global GHG emissions. Accelerating the energy transition in Asia and the Pacific is vital to meet the goals of the Paris Agreement, and such a transition must be just, inclusive and sustainable.
With the current energy crisis and the ongoing COVID-19 pandemic, several of ADB’s developing member countries are struggling to realize their energy transition ambitions while facing the daunting challenge of energy security. As Asia’s Climate Bank, ADB has launched new initiatives to support them, including the Energy Transition Mechanism (ETM) and Innovative Finance Facility for Climate in Asia and the Pacific (IFCAP).
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