Closing remarks by Bhargav Dasgupta, ADB Vice-President (Market Solutions), at the closing plenary of the Asia Clean Energy Forum 2024, 7 June 2024, ADB headquarters, Manila, Philippines

Ladies and gentlemen, good afternoon. I am honored to speak at this closing session of the 19th Asia Clean Energy Forum (ACEF).

On my first ACEF as Vice-President for Market Solutions, I see the relevance and timeliness of this forum in advancing our efforts towards a carbon-neutral Asia and the Pacific.

The time to tackle the climate crisis is now, and this forum puts us many steps further in sharing and scaling up the necessary solutions.

More than a platform for sharing innovative approaches and novel strategies for clean energy transition, ACEF reminds us of the importance of catalyzing action from all sectors and players for realizing a net zero future. Rallying all stakeholders to invest in low-carbon infrastructure will increase our prospects for success and facilitate the sustainable development we envision for the region.

The plenary sessions, deep-dives, and workshops should have given you a glimpse of what is possible if we put in all our hearts and minds together towards a common goal.

We heard, and recognize, the urgency to act now, from Mr. Keo Rottanak, Minister of Mines and Energy, Cambodia, along with three priorities to achieve this, which are, policy and regulation, funding and partnerships.

We also heard, how Asia is leading the way in innovative technologies, from Mr. Boonam Kim, representing our esteemed partner, the Korea Energy Agency.

In this regard, I hope you got an opportunity to visit the futures museum. Let us continue to explore opportunities to scale innovative ideas including green hydrogen, space based solar power, Internet of Energy, robotics enabled battery swapping, intercontinental energy transmission, recycling critical minerals using biotech, walls that talk, and many others.

The ADB team discussed the critical role of the Energy Transition Mechanism in decarbonizing the energy sector. ADB is supporting custom-based approaches to ETM in Indonesia, Philippines, Vietnam, and other developing member countries. I would like to underline the importance of ADB’s holistic 4Ps approach to anchoring the ETM, which are People (a just transition), Policy (the enabling environment), Power (scalable, market-based model for energy transition) and Partnerships (with national and international players).

In the four Thematic Tracks, we showcased technological successes and innovations like offshore wind, floating solar, other ocean technologies, hydrogen for decarbonization, variable energy storages, energy efficiency in buildings and industries. renewable energy for transport, agriculture and other sectors.

In Deep-Dive Workshops, we learned of gender-inclusive clean energy solutions, electrifying cooking, regional power trade and mobilizing finance, and in the Spotlight Session, we tackled energy planning, sustainable geothermal and pumped storage hydropower, among many other topics.

We’ve also shared with you ADB’s on-the-ground operations highlighting our sustainable approaches and innovative financing deals.

We trust that among the diverse topics, you have identified opportunities for collaboration and partnerships to scale up and drive the clean energy transition in the region.

I want to congratulate the organizers, our development partners, and everyone who has made this forum possible. It was a fruitful and impactful week for you all. The knowledge you generously shared with one another will play a part in guiding our joint efforts and driving more investments for clean energy.

ADB values your creativity and expertise for driving change and we stand ready to support you all in this journey to net zero.

ADB is fully committed to fulfill its role as Asia and the Pacific’s climate bank, supporting our member countries in meeting their nationally determined contributions in line with the Paris Agreement all while fast-tracking the Sustainable Development Goals.

ADB has pledged $100 billion, over the next decade to catalyze a broad range of investments that would put the required clean energy solutions into motion. Of this, our private sector operations will contribute $12 billion, and mobilize climate finance cofinancing of $18-30 billion, over the same period.

In 2023, Private Sector Climate finance reached the $1 billion mark, with $2.3 billion in climate financing mobilized from the private sector. This included award-winning, innovative investments like the Monsoon Wind Power Project in the Lao People’s Democratic Republic, which will be the first cross-border wind power plant to be constructed in Asia and the largest in Southeast Asia.

To scale up our efforts to phase out coal in the region, we signed a Memorandum of Agreement with the Monetary Authority of Singapore and the Global Energy Alliance for People and Planet, a partnership that will be pivotal in establishing the necessary financing vehicle for our Energy Transition Mechanism.

And through platforms like the Clean Energy Financing Partnership Facility and the Climate Change Fund, we have invested in climate adaptation and mitigation projects, further reaffirming our commitment to clean and renewable energy and environmental sustainability in the region.

Indeed, we cannot achieve the transition to net zero without private sector finance. As Vice-President for Market Solutions, my focus is to work with you all and make this a reality.

As we end ACEF 2024, let us leave these halls with renewed determination to be part of the solution.

Allow me to reiterate that we, at ADB, and our development partners cannot achieve this transition on our own. We need governments and private sector to partner with us and each other. We need all hands-on deck.

In closing, I would like to thank our co-organizers, USAID, and Korea Energy Agency once again, for their continued partnership and invaluable support.

We look forward to seeing you all next year in anticipation of a greener and more prosperous, inclusive, resilient, and sustainable Asia and the Pacific.

In solidarity and commitment with you all, it is my honor to officially declare ACEF 2024 closed.