en.Wedoany.com Reported - Asian Development Bank (ADB) President Masato Kanda announced that the ADB will launch the Pan-Asia Power Grid Initiative (PAGI), aiming to raise $50 billion by 2035 to build cross-border power grids in the complex Asia-Pacific region. The initiative's goals include reducing energy costs, improving power supply reliability, and expanding clean energy trade.
Speaking at the PAGI President's Seminar during the 59th ADB Annual Meeting, Kanda stated that interconnected countries are better able to attract investment and withstand shocks than isolated ones, and that connectivity is a response to fragmentation. He noted that this $50 billion initiative aims to build the infrastructure needed for a more connected, resilient, and prosperous Asia-Pacific region.
Launched on Sunday, PAGI is a flagship regional platform focused on accelerating cross-border electricity trade, integrating renewable energy at scale, and enhancing the reliability and affordability of electricity in the Asia-Pacific region. Through this initiative, the ADB plans to integrate approximately 20 gigawatts of renewable energy, connect 22,000 circuit kilometers of transmission lines, improve energy access for 200 million people, and create 840,000 jobs by 2035.
The ADB is leveraging its convening power to bring together governments, regulators, utilities, the private sector, and development partners to coordinate policies, sequence investments, and address regulatory barriers that often hinder regional infrastructure projects. The ADB has already supported pioneering cross-border projects such as the Bangladesh-India grid interconnection and the Monsoon Wind Power Project in the Lao People's Democratic Republic, mobilizing private capital through blended finance.
To accelerate power grid interconnection in Southeast Asia, the ADB has established a dedicated Regional Connectivity Fund, supported by Australia, Canada, Germany, the United Kingdom, and the European Union. The fund aims to de-risk early-stage projects, finance preparatory work, and attract larger-scale public and private capital.
The ADB is a leading multilateral development bank founded in 1966, owned by 69 members, 50 of which are from the region. The bank is committed to supporting sustainable, inclusive, and resilient growth in the Asia-Pacific region, building quality infrastructure, and protecting the environment through innovative financial instruments and strategic partnerships.
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