ADB is set to invest $70 billion in cross-border energy flows, digital highways, employment, and skills development.
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The Asian Development Bank (ADB) has announced that it will invest $70 billion in energy and digital infrastructure by 2035 to connect power grids in Asia and the Pacific, expand cross-border electricity trade, and improve broadband access in the region.
'Energy and digital access will determine the region's future,' said ADB President Masato Kanda. 'These two initiatives will build the systems needed for power grid growth, competitiveness, and connectivity in Asia and the Pacific. By connecting power grids and digital networks across borders, we can create opportunities by reducing costs and providing reliable electricity and digital access to millions of people.'
The Pan-Asia Power Grid initiative will connect national and subregional power systems and enable renewable energy to flow across borders. The Asia-Pacific Digital Highway will also be designed to bridge the digital infrastructure gap and enable the region to benefit from AI-driven growth.
Under the Pan-Asia Power Grid Initiative, ADB will work with governments, power utilities, the private sector, and development partners to mobilize $50 billion by 2035 for cross-border energy infrastructure that will support large-scale renewable energy deployment.
The initiative will focus on transmission and grid integration, including cross-border transmission lines, substations, storage, and grid digitalization.
It will also support renewable energy export projects, regional renewable centers, and hybrid generation-storage facilities, as well as power generation related to electricity trade.
By 2035, ADB aims to integrate about 20 gigawatts of renewable energy across borders, install 22,000 circuit-kilometers of transmission line, improve energy access for 200 million people, create 8.4 million jobs, and reduce emissions in the regional energy sector by 15 percent.
ADB has said it will finance about half of the $50 billion initiative from its own resources, while the rest will be raised through co-financing with the private sector.
ADB will provide up to $10 million in technical assistance. This will help set regulations, adopt common technical standards, prepare feasibility studies, and advance large-scale projects.
