World Bank Launches $2.5 Billion Program to Accelerate Renewable Energy in East Asia and Pacific

The program will add 2.5 gigawatts of renewable energy capacity, which is equivalent to 50 utility-scale solar farms or more than 1,000 wind turbines.

The World Bank has announced a $2.5 billion program to help developing countries across East Asia and the Pacific increase their use of renewable energy. The initiative aims to support the region's development goals while lowering carbon emissions, contributing to the World Bank’s global efforts to combat climate change.

The Accelerating Sustainable Energy Transition Program is expected to reduce greenhouse gas emissions by 60 million tons during its lifetime while providing over 20 million people with new or improved access to clean electricity. The program will add 2.5 gigawatts of renewable energy capacity, which is equivalent to 50 utility-scale solar farms or more than 1,000 wind turbines.

East Asia accounts for more than a third of the world’s greenhouse gas emissions, making the shift to low-carbon energy critical for both climate mitigation and regional economic development. Governments in the region have already set ambitious goals to cut emissions and improve climate resilience.

“The transition to low-carbon energy in East Asia and the Pacific is vital for achieving climate and development goals,” said Manuela V. Ferro, World Bank Vice President for East Asia and Pacific. She emphasized that the program is part of the World Bank’s broader commitment to accelerate energy transitions globally, and other development partners are expected to join the effort to further scale its impact.

The new program leverages the expertise of the World Bank Group and its partners to guide countries in adopting clean energy solutions. Key activities include deploying large-scale renewable energy technologies, upgrading transmission infrastructure to integrate renewable power, promoting regional trade of low-carbon electricity, and using innovative financial mechanisms to attract private-sector investments.

The first phase of the program features a $260 million investment to enhance access to renewable energy and improve electricity reliability in Papua New Guinea and the Marshall Islands. Additionally, a $5 million grant will be managed by the ASEAN Centre for Energy to accelerate renewable energy projects and foster cross-border electricity trade among ASEAN countries. Future phases will extend support to Cambodia, the Federated States of Micronesia, Indonesia, and Mongolia.

This program builds on similar initiatives across Africa, Europe, and Central Asia, highlighting the World Bank’s global commitment to low-carbon energy transitions and expanding energy access. Through its multiphase approach, the program allows countries to tailor activities to their development goals while contributing to broader regional efforts and encouraging learning and adaptation for future phases.