The Asian Development Bank (ADB) and the Energy Market Authority (EMA) of Singapore signed an MoU on July 11 that will pave the way for the development of renewable energy generation and transmission across the ASEAN region while supporting the establishment of the ASEAN Power Grid.

The cooperation will involve the sharing of expertise and best practices in areas such as regional cooperation, public-private partnerships (PPPs), structuring, and project financing. The MoU also empowers ADB to utilize its full suite of products and services to support ASEAN countries, including Vietnam, and project sponsors in implementing and managing risks in clean energy projects in the region.

“The clean energy transition demands high-impact cooperation across ASEAN and a diverse range of financing sources,” said ADB Vice-President for East and Southeast Asia and the Pacific, Ahmed M. Saeed. “The ADB is honored to partner with EMA in its efforts to transform the energy landscape in ASEAN. Investing in clean energy not only puts us on a path to net-zero but also increases prospects for strong and sustainable growth.”

“This cooperation will combine the expertise and resources of EMA and the ADB to further unlock the potential for low-carbon electricity to power the region, and will boost efforts to decarbonize our power sector through imports of low-carbon electricity,” Mr. Ngiam Shih Chun, Chief Executive of EMA, added.

In October 2021, EMA announced Singapore’s plan to import up to 4 GW of low-carbon electricity, equivalent to 30 per cent of its total supply, by 2035 as part of its plan to decarbonize its energy sector. The plan’s ongoing request for proposals has garnered over 20 proposals from six countries, offering a combined import capacity of more than 10 GW.

Singapore has also entered into multiple energy cooperation agreements with source countries, including Australia, Cambodia, Indonesia, Laos, and Vietnam, to explore the potential importation of electricity into Singapore.