Energy SG Chief shares insights on ADB clean energy in latest Bloomberg New Energy Finance interview

Energy SG Chief Yongping Zhai in an interview with Bloomberg New Energy Finance (BNEF) published on 25 February shares his views and insights on how ADB had continued to support its developing member countries amidst the coronavirus pandemic, its contributions to climate finance, and the review and update of ADB’s Energy Policy.The year 2020 turned out to be a record year for the energy sector not only in ADB but also globally, the COVID-19 notwithstanding. Energy sector lending in ADB increased by around 70% to $4.2 billion from 2019. From project approved in 2020, energy efficiency projects surpassed renewable energy generation in volume. And energy access projects both in terms of new and improved connections showed record numbers. It may just be what power systems of ADB DMCs need in this next period of recovery from the COVID-19 pandemic.Climate finance in the energy sector also improved from 2019 by twice as much. This further galvanized the role of renewables and energy efficiency in building back strong and sustainably while maintaining the momentum started pre-pandemic towards the clean energy transition. It is thus in these contexts that Yongping explained why and how ADB is reviewing its Energy Policy, with the Strategy 2030, Sustainable Development Goals, and the Paris Agreement as essential guideposts.