New Zealand pledges $25m to support ADB's Energy Transition Mechanism

This will boost Southeast Asia’s clean energy shift.

The New Zealand government committed $25m to support the Asian Development Bank’s Energy Transition Mechanism (ETM) Partnership Trust Fund which focuses on driving the clean energy shift in Southeast Asia.

In a statement, ADB President Masatsugu Asakawa welcomed the financial support from New Zealand, adding that the ETM is poised to be one of the largest carbon reduction programmes globally.

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“Support from partners such as New Zealand is critical as we expand ETM across our region,” Asakawa said.

ETM is a regional programme that uses concession and market-based funds for the retirement and repurposing of existing coal and other fossil-fuel power plants early and replace them with renewable energy.