ADB agrees to provide clean energy products under ETM

The Asian Development Bank has officially informed Pakistan that it would purchase coal-powered energy projects and in return provide clean energy products under Energy Transition Mechanism.

Islamabad: The Asian Development Bank has officially informed Pakistan that it would purchase coal-powered energy projects and in return provide clean energy products under Energy Transition Mechanism (ETM).

According to the details, the climate change ministry has now received an official letter from ADB that informed that it would start preparing feasibility report at the end of this month and it would be completed in the next three months

The letter stated that the ADB has approved funds for the feasibility report to identify the coal-powered projects that would be bought in the coming months. An official said it is a huge success on the part of Pakistan because its efforts to preserve nature are being acknowledged at the international level.

“Our delegation presented the case of Pakistan in UN Climate Summit COP26 and it is encouraging to know that the ADB has officially agreed to buy our coal-fired projects and replace them with clean energy projects,” he said.

The official said Pakistan is among the three countries in the world — two others include the Philippines and Indonesia — where ADB would purchase coal-fired projects and provide clean energy to help protect the natural environment. The ADB has stated “Asia and the Pacific can only realize its climate goals if it pursues a transition away from coal-based energy in the near term.”

Source: The News