en.Wedoany.com Reported - The Asian Development Bank (ADB) has announced it will co-finance a $50 billion plan to integrate the power systems of countries across the Asia-Pacific region and expand cross-border electricity trading. The plan is part of the Pan-Asian Power Grid Initiative, with approximately half of the funds coming from the ADB's own resources, and the remainder provided by national governments, utility companies, the private sector, and development partners.
The plan focuses on transmission infrastructure and grid integration, including cross-border transmission lines, substations, energy storage systems, and grid digitalization. It will also support renewable energy exports, regional renewable energy hubs, and hybrid generation-storage facilities. The ADB aims to integrate approximately 20 gigawatts of renewable energy across borders by 2035, build 22,000 circuit kilometers of transmission lines, expand energy access for 200 million people, create 840,000 jobs, and reduce the regional power sector's emissions by 15%.
The ADB will also allocate $10 million in technical assistance funds to support regulatory harmonization, technical standards, and project preparation. The plan builds upon existing regional frameworks such as the ASEAN Power Grid and the South Asian Association for Regional Cooperation. Furthermore, this power grid initiative is part of a broader $70 billion program, which also includes the Asia-Pacific Digital Highway, aiming to raise $20 billion for digital infrastructure by 2035. The ADB expects to provide $15 billion in financing for the digital plan and raise an additional $5 billion through co-financing to support fiber optic networks, submarine cables, and regional data centers.
The digital plan's goals include providing 200 million people with first-time broadband access, improving connection quality for 450 million people, reducing connectivity costs in remote areas by approximately 40%, and creating 4 million jobs. The ADB will establish an AI Innovation and Development Center in Seoul, with the South Korean government contributing $20 million to support AI applications, aiming to cultivate digital and AI-related skills for approximately 3 million people by 2035.
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