ADB, Singapore partner to develop clean energy

Singapore - The Asian Development Bank (ADB) and the Energy Market Authority (EMA) of Singapore have signed an MoU that paves the way for the development of renewable energy generation and transmission across the Association of Southeast Asian Nations (ASEAN) region.

The new deal also supports the establishment of the ASEAN Power Grid, the Manila-based bank said on July 11.

The ADB said the partnership will boost Singapore’s efforts to decarbonise its power sector and import clean electricity from the region.

EMA Chief Executive Ngiam Shih Chun said the collaboration will combine the expertise and resources of EMA and ADB to further unlock the potential for low-carbon electricity to power the region and boost efforts to decarbonise Singapore’s power sector through imports of low-carbon electricity.

As Asia and the Pacific’s climate bank, the ADB has set the goal to deliver 100 billion USD in climate financing across the region from 2019 to 2030 while supporting a range of initiatives to help countries transition to low-carbon economies and build resilience to the impacts of climate change.

The Singapore Regional Business Forum in Hanoi on June 7 attracted great attention from Singaporean fintech companies looking for new opportunities.

Singaporean and regional investment in Vietnam is expected to thrive in the months to come, following a number of cooperation agreements and commitments reached by the two governments last week.