The primary focus of the fund will be to support the adoption of clean energy technologies in low- and middle-income countries, with a particular focus on battery energy storage systems in Vietnam and the early retirement of coal-fired power plant initiatives in Indonesia. Technical assistance, grant components for investment projects, and blended concessional instruments will be used to encourage additional capital.

GEAPP’s chief executive officer, Simon Harford, stressed the importance of increasing clean energy access in low- and middle-income countries. In 2021, just 8% of financing for energy transition technologies went to LMICs, the lowest share in a decade. The partnership between GEAPP and ADB aims to mobilize new and additional capital at a ratio of at least 15x at portfolio level to encourage the use of clean energy in the region, underpinned by practical innovation, scalable solutions, and knowledge sharing.

The new fund is part of GEAPP’s 2023 priority to increase accessibility to clean energy technologies across LMICs. It is hoped that the partnership will contribute to international climate finance ambitions and build on ADB’s track record of supporting universal access to reliable and affordable energy while promoting the low-carbon transition in the region.

The Asian Development Bank (ADB) and the Global Energy Alliance for People and Planet (GEAPP) have announced a new capital fund that aims to accelerate clean energy access and transitions in South and Southeast Asia. The partnership will provide an initial US$35m of catalytic capital towards the fund, which will be established and administered by ADB. The fund will focus on countries including India, Indonesia, Vietnam, Pakistan, and Bangladesh.

The primary focus of the fund will be to support the adoption of clean energy technologies in low- and middle-income countries, with a particular focus on battery energy storage systems in Vietnam and the early retirement of coal-fired power plant initiatives in Indonesia. Technical assistance, grant components for investment projects, and blended concessional instruments will be used to encourage additional capital.

GEAPP’s chief executive officer, Simon Harford, stressed the importance of increasing clean energy access in low- and middle-income countries. In 2021, just 8% of financing for energy transition technologies went to LMICs, the lowest share in a decade. The partnership between GEAPP and ADB aims to mobilize new and additional capital at a ratio of at least 15x at portfolio level to encourage the use of clean energy in the region, underpinned by practical innovation, scalable solutions, and knowledge sharing.

The new fund is part of GEAPP’s 2023 priority to increase accessibility to clean energy technologies across LMICs. It is hoped that the partnership will contribute to international climate finance ambitions and build on ADB’s track record of supporting universal access to reliable and affordable energy while promoting the low-carbon transition in the region.