ADB confirms Pakistan’s inclusion into energy transition mechanism

The Bank has approved grant funds to execute pre-feasibility study of early shutdown of fossil fuel-based power plants in the country

ISLAMABAD: The Asian Development Bank (ADB) has confirmed Pakistan’s inclusion into its first-ever Energy Transition Mechanism aimed to support energy mix conversion over clean renewable solutions.

In this regard, Special Assistant to the PM on Climate Change Malik Amin Aslam on on Thursday wrote a tweet thanking ADB President Masatsugu Asakawa and also shared the confirmation letter confirming the development.

He also thanked the ADB president for a follow-up meeting at the UN Climate Change Conference in Glasgow and approval of grant funds to execute the pre-feasibility of the early shutdown of fossil fuel-based power plants in the country.

Aslam said that initially a pre-feasibility study would be carried out in selected countries to assess their energy mix and propositions for a viable transition from existing fossil fuels to clean energy with least impact on the economy of the proposed country.

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According to the SAPM, this is one of Pakistan’s major achievements at the COP26 where it managed to get global funding for its ecosystem restoration and climate change mitigation measures.

In this letter to SAPM Aslam, the ADB president said, “Thank you for joining us at the Energy Transition Mechanism for Southeast Asia: Partnership Launch at COP26, Glasgow, UK. I thank you for your strong support provided at COP26 for the launch of the Energy Transition Mechanism (ETM) on November 3, 2021, and for the substantial points you made during the panel discussion.”

He underscored that as already known that the battle against climate change would be won or lost in Asia and the Pacific. “ETM will be a win for the climate, a win for local communities, and a win for developing economies,” he added.

He said the study will commence in January 2022. “Further, it is anticipated that, by March 2022, we will have the first set of key outputs for Indonesia and Philippines on technical, financial, and legal feasibility and be in a position to determine next steps, including the launch of a request for proposal process to solicit proposals from general partners/ fund managers,” he concluded.

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