ADB President pushes for clean energy in post-COVID world for resilient economies

Experts at the Asia Clean Energy Forum (ACEF) 2020 on June 16 pushed for greater investment in clean energy infrastructure to make economies more resilient against future shocks. The online event has been co-hosted by the Asian Development Bank (ADB), the United States Agency for International Development, and the Korea Energy Agency. 

Over 4,000 participants joined the virtual ACEF to celebrate 15 years of connecting policymakers and practitioners on the subject of clean energy. ADB President Masatsugu Asakawa discussed the "Global Energy Challenges and Impact of the COVID-19 Pandemic" at the opening plenary of the ACEF. 

Citing ADB projections, Asakawa said that global losses from the ongoing COVID-19 pandemic could reach $8.8 trillion, with Asia and the Pacific accounting for up to 30 per cent of the overall decline. Asakawa said that ADB’s response has been quick and decisive, putting together a massive $20 billion comprehensive package to help developing member countries. ADB plans to invest  $5 billion in energy for 2020 and has approved about $900 million in loans supporting renewable energy, efficiency, and electricity networks.

“ADB's continued investments in clean energy during this challenging period is a part of our longstanding commitment to lead the region in combatting climate change and achieving the Sustainable Development Goals,” said Asakawa.

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'Important for stimulus packages'

The ADB President emphasised that the energy sector is an important part of post-COVID-19 stimulus packages for developing members. He said that the transition to clean energy also requires active participation and partnership from the private sector. Asakawa further added that the task of addressing climate change by accelerating the clean energy transition is more important than ever. 

“Like COVID-19, climate change poses a dire threat to human lives, and highlights the need for early preparation and crisis response systems,” he said.

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