The Asian Development Bank is piloting a study into the Energy Transition Mechanism (ETM), which aims to accelerate the retirement of coal-fired power stations and unlock new investments in clean, renewable energy to replace them.
At COP26 in Glasgow, ADB, along with Indonesia and the Philippines, launched the ETM Southeast Asia Partnership which aims to retire 5-7 coal-fired power stations in those countries in the coming years. The launch event was attended by an array of high-level representatives from government, the private sector, and philanthropies.
Below are excerpts from some of the speeches from the event.
“I am pleased by the Asian Development Bank’s work to accelerate the decommissioning of coal facilities. The world needs forward-thinking creative approaches to financing, especially from the multilateral development banks. And we need to find creative solutions so that our public funds crowd in additional private investment, as the bank is aiming to do here.”
because it’s not only energy that needs to be transformed—our economy, your economy, their economy is based on this fossil fuel base. Rise to the expectation from stakeholders towards the ADB to take the courageous leadership to show the way.”
Naoko Ishii
Executive Vice President, The University of Tokyo and Director, Center for Global Commons
“[ADB] as a development institution is looking beyond today’s boundaries and creating mechanisms to bring that new world into reality. Of all of the dialogue we’re having, I have to congratulate you on the innovation, the ambition, and the creativity that you’re bringing to the world of public-private partnerships. We have to turn this now into very tangible execution that delivers substantive benefits.”
Noel Quinn
Group Chief Executive, HSBC
“We’re on the precipice of something really incredible and the chance to think about how we can use these pilots as opportunities to both make things happen for the Philippines, Indonesia, and across Asia in the ADB portfolio, but also thinking about how we can build something that drives further investment from the private sector and incentives to actually participate. Take risks. Do the work; try it on. Work hard, fail fast, and fix it. We don’t have any time to continue to talk, we need to take action. We have to give each other the space and grace that solutions may not be the right one but at least we’re trying to change the climate for future generations.”
Source: Asian Development Bank