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This paper proposes an update to the 2009 Energy Policy—the 2021 Energy Policy—to guide ADB’s energy sector operations. It proposes to focus on those energy operations that are optimally aligned with ADB’s Strategy 2030 and the global commitments that Strategy 2030 supports, including the SDGs, the related Financing for Development agenda, and the Paris Agreement on climate change (Paris Agreement).
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President Masa on 13 October announced the increase in ADB climate finance target from $80 billion to $100 billion from 2019 to 2030. About $17 billion in climate finance is expected to be registered for 2019 to 2021.
The additional $20 billion will provide support for the climate agenda in five main areas:
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In a memorandum of understanding the ADB signed with HSBC, Temasek, and Clifford Capital Holdings, a debt financing platform has been established to boost commercial development of sustainable infrastructure projects in Asia. It will initially start with activities in Southeast Asia.
 
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On 30 September 2021, the Climate Change Steering Committee authorized the allocation of $2.5 million funding support from the Canadian Climate Fund to the Private Sector in Asia (CFPS) and the Carbon Capture and Storage Fund (CCSF) under the Clean Energy Financing Partnership Facility (CEFPF) to two technical assistance (TA) projects: 
 
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The R-Paper of the 2021 Energy Policy was circulated to the Board on 29 September ahead of its approval on 20 October. It is also now publicly available as prescribed of R-Papers of this nature.
 
The ADB Energy Policy 2021 updates the existing Energy Policy 2009 based on significant changes that have transpired in the sector, guides ADB’s energy sector operations, learns from the recent IED sector-wide evaluation, and aligns with Strategy 2030 and global commitments including the Sustainable Development Goals (SDG) and the Paris Agreement on Climate Change.
 
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The Board, on 20 September approved increased financing of $60 million for the Electricity Grid Modernization Project in Nepal. The additional investments aim to increase electricity consumption per capita to 700 kilowatt hours by 2026 through the expansion of the transmission capacity and distribution networks in the country.
 

  

 

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