Manila: The Asian Development Bank (ADB) has announced its ambitious plan to mobilize $50 billion by the year 2035 for the development of cross-border electricity grids. This announcement was made by ADB President Masato Kanda during a seminar with the governors on the Pan-Asian Power Grid Initiative as part of the 59th Annual Meeting of the ADB.

According to Azeri-Press News Agency, President Kanda emphasized the goals of the Pan-Asian Power Grid Initiative (PAGI), which include reducing energy costs, enhancing the reliability of electricity supply, and promoting the trade of clean energy. The initiative is aimed at integrating 20 gigawatts of renewable energy capacity by 2035, connecting 22,000 kilometers of transmission lines, and improving energy access for 200 million people across the region.

The initiative also plans to create 840,000 new jobs, highlighting its potential impact on economic growth and employment. The focus on renewable energy integration and cross-border collaboration underscores ADB's commitment to sustainable development and energy security in Asia.