Monday 7 July 2014

$228m to be invested in the Pacific’s energy sector

The Asian Development Bank (ADB) has pledged to invest $228 million (£133m) in energy projects in the Pacific in the next three years.

It plans to help the region reduce its heavy reliance on fossil fuels and support more sustainable and environmentally-friendly growth.

The ADB expects demand for electricity in the Pacific region to grow by 7% annually, with most of the countries likely to remain dependent on imported fossil fuels until 2030.

Mike Trainor, ADB’s Pacific Energy Specialist said: “ADB’s energy strategy in the Pacific is focused on assisting Pacific governments with projects that will build greater energy security and sustainability in the region.”