Home Business & Finance ADB, Tonga Sign Grant Agreement to Develop Renewable Energy
ADB, Tonga Sign Grant Agreement to Develop Renewable Energy

ADB, Tonga Sign Grant Agreement to Develop Renewable Energy

0
0

MANILA, PHILIPPINES: Three grant agreements that will fund the development and implementation of renewable energy projects in Tonga, which will enhance the country’s energy security and reduce carbon emissions, were signed today.

The agreements for the $44.6 million in total grants provided by the Asian Development Bank (ADB), the Green Climate Fund (GCF), and the Government of Australia were signed today by ADB Director General for the Pacific Ms. Carmela Locsin and ADB Executive Director Mr. Syurkani Ishak Kasim, on behalf of the Government of Tonga, at a ceremony in ADB’s headquarters in Manila.

“The Tonga Renewable Energy Project will help Tonga make an important shift from a heavy dependence on imported fossil fuels for power generation to using clean, renewable energy sources,” said Ms. Locsin.

Approved in March this year, the project will help improve the energy security and access of people in the outer islands of Eua, Vava’u, O’ua, Tungua, Kotu, Mo’unga’one, and Niuafo’ou, where energy access is low and limited. The project is funded under the ADB-supported Pacific Renewable Energy Investment Facility, which funds renewable energy projects in ADB’s 11 smallest Pacific island developing member countries.

The project will help Tonga transition from a dependence on carbon-intensive energy sources to a cleaner, more sustainable, and renewable energy future. The project will also provide technical solutions, such as battery energy storage systems, to promote more private sector investments in renewable energy.

ADB is helping the Pacific region prepare for a renewable energy future with a three-tiered approach that promotes energy efficiency and renewable energy; maximizes access to energy for all; and promotes energy sector reform, capacity building, and effective governance.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion. Established in 1966, it is owned by 68 members—49 from the region.

Source: adb.org
Anand Gupta Editor - EQ Int'l Media Network