New Zealand Commits 25 Mln USD For ADB's Energy Transition Mechanism

The Asian Development Bank (ADB) on Friday said that New Zealand has committed 25 million U.S. dollars to the ADB Energy Transition Mechanism Partnership Trust Fund (ETMPTF) to support the shift toward clean, sustainable energy in Southeast Asia

MANILA, (APP - UrduPoint / Pakistan Point News - 19th Apr, 2024) The Asian Development Bank (ADB) on Friday said that New Zealand has committed 25 million U.S. dollars to the ADB Energy Transition Mechanism Partnership Trust Fund (ETMPTF) to support the shift toward clean, sustainable energy in Southeast Asia.

The commitment was made by New Zealand Prime Minister Christopher Luxon during his two-day official visit to the Philippines.

"We are grateful for this support from the Government of New Zealand for the ETMPTF, which is an important driver of the Energy Transition Mechanism (ETM) program," said ADB President Masatsugu Asakawa.

"Support from partners such as New Zealand is critical as we expand ETM across our region."

The ETMPTF pools concessional funds from financing partners to finance critical groundwork, such as feasibility studies for projects that align with the ETM's objectives, including the early retirement or repurposing of coal and other fossil fuel plants and clean energy ventures.