New Zealand committed $25 million to the Asian Development Bank’s Energy Transition Mechanism Partnership Trust Fund to support the shift toward clean, sustainable energy in Southeast Asia.
“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 program,” said ADB President Masatsugu Asakawa. The ETMPTF pools concessional funds from financing partners to finance critical groundwork such as feasibility studies for projects that align with ETM’s objectives, including the early retirement or repurposing of coal and other fossil fuel plants and clean energy ventures.New Zealand’s grant is the third contribution to the ETMPTF, following support from Japan and Germany.
ETM is a regional, transformative program that seeks to use concessional and market-based funds to retire or repurpose existing coal and other fossil fuel power plants on an accelerated schedule and replace them with clean power.