The Asian Development Bank (ADB) plans to mobilize $50 billion by 2035 for the construction of cross-border electricity grids, said the ADB President Masato Kanda at the governors’ seminar on the Pan-Asian Power Grid Initiative within the framework of the 59th Annual Meeting of the ADB, APA-Economics reports.
According to him, within the framework of the Pan-Asian Power Grid Initiative (PAGI), it is planned to reduce energy costs, increase the reliability of electricity supply, and expand clean energy trade.
It was noted that the initiative envisages the integration of 20 gigawatts of renewable energy capacity by 2035, the connection of 22,000 km of transmission lines, the improvement of energy access for 200 million people, and the creation of 840,000 new jobs.
