ASEAN has launched the ASEAN Power Grid Financing (APGF) with a view to fostering the development of key renewable sources such as solar, hydropower, and wind energy, according to a report from the Government News.
The APGF was launched at the closing ceremony of the 42nd ASEAN Ministers on Energy Meeting (AMEM-42) that took place in Kuala Lumpur, Malaysia, on October 17.
The APGF is a joint initiative between the Asian Development Bank (ADB) and the World Bank (WB), designed to support cross-border power grid projects in the bloc.
ASEAN has finalized the Renewable Energy Long-Term Roadmap (RE-LTR), focusing on solar, hydro, and wind power development, and reached consensus on new frameworks covering energy efficiency, cross-border underground cables, and the peaceful use of nuclear energy.
The bloc received strong commitments from partners for cooperation in investment, green finance, and technology transfer. The total value of investment commitments at the ASEAN Energy Business Forum (AEBF 2025) exceeded $2 billion, concentrating on renewable energy projects, smart grids, and energy storage.
Looking ahead, ASEAN aims to raise the share of renewable energy to at least 40 per cent by 2030, expand the use of digital and AI technologies in grid management, and strengthen financial cooperation with global institutions such as ADB, WB, International Energy Agency (IEA), and International Renewable Energy Agency (IRENA).
The outcomes of the AMEM-42 reaffirm ASEAN member states' strong determination to deepening regional cooperation in promoting energy transition and contributing to the vision of a green, inclusive, sustainable, and prosperous ASEAN Community, which currently comprises Vietnam and 9 other countries in Southeast Asia.
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