The Asian Development Bank (ADB) announced this week that its energy policy is being upgraded, so that it can better assist its developing member countries to provide clean, green, reliable, adequate and affordable energy for inclusive growth.

Given the fundamental changes in the energy sector, the ongoing global energy transformation and rising concerns over climate change, the ADB said it is updating its energy policy, where the upcoming version would be put forward for consideration in 4Q21.

The current energy policy, which was approved in June 2009, rests on three pillars: promoting energy efficiency and renewable energy, maximising access to energy for all and promoting energy sector reform, capacity building and governance.

A comprehensive evaluation of the current energy policy and its implementation during 2009–2019 revealed that the same no longer adequately aligns with the global consensus on climate change, the ongoing global transformation of the energy sector, recent changes in DMC energy strategies and ADB’s institutional priorities under Strategy 2030.