The Asian Development Bank (ADB) and the Global Energy Alliance for People and Planet (GEAPP) have announced a US$35 million contribution to assist the energy transition and expand energy access in South and Southeast Asia. A signing ceremony in Washington, DC, formalized GEAPP's contribution through which ADB will manage the donated money via the GEAPP Energy Access and Transition Trust Fund (GEATTF). The trust fund will channel funds in support of energy access and transition activities in Bangladesh, India, Indonesia, Pakistan, and Vietnam. ADB has long been committed to eliminating poverty and promoting sustainable development in Asia and the Pacific.
ADB's mission is to achieve a prosperous, inclusive, resilient, and sustainable Asia and the Pacific and has been operational since 1966. The multi-national development bank is owned by 68 members, with 49 members originating from the aforementioned region. This package from GEAPP offers new opportunities for the ADB to expand its reach in the region and considerably alter the energy landscape, hopefully reducing poverty and promoting sustainable growth as Asia and the Pacific continue their journey toward development.
The announcement represents a significant milestone for both the ADB and GEAPP and demonstrates a continued commitment to address climate change, energy poverty, and other critical issues facing Asian and Pacific societies today.
