Islamabad, 11 January 2022 (TDI): The Asian Development Bank (ADB) informed Pakistan today that it would start providing the country with clean energy under the Energy Transition Mechanism (ETM) in exchange for purchasing Pakistan’s coal-powered energy projects.
“We have received confirmation that ADB is ready to buy existing coal-powered projects and install new clean energy projects in Pakistan under Energy Transition Mechanism, it will be a ground-breaking initiative that will accelerate the transition from coal to clean energy. It will enable us to reach more ambitious emissions targets than our current commitments.” -Special Assistant to the Prime Minister on Climate Change, Malik Amin Aslam.
A Pakistani delegation had presented its case at the 2021 United Nations Climate Change Conference (COP26), late last year. Where the country also managed to get substantial funding for its climate change mitigation efforts and ecosystem restoration.
The Asian Development Bank is set to start work on feasibility reports by the end of this month, with an estimated completion time of around three months. The feasibility reports are set to identify the potential coal-powered projects to be bought up by the Asian Development Bank.
An official said that this is a huge milestone for Pakistan in its race to preserve the environment, as its efforts are being recognized on an international level.
“ETM will be a win for the climate, a win for local communities, and a win for developing economies” -ADB President, Masatsugu Asakawa
Energy Transition Mechanism
The Energy Transition Mechanism (ETM) is a pathway that aims to transform the global energy sector from fossil fuels to zero emissions by the second half of this century. The driving factor behind this is the need to reduce CO2 emissions and control climate change.
2021 United Nations Climate Change Conference (COP26)
COP26 was the 26th United Nations Climate Change conference held in Glasgow, Scotland.
