ADB targets $70-B push for Asia energy, digital infra
The Manila-based Asian Development Bank (ADB) plans to support $70 billion in new energy and digital infrastructure projects by 2035, targeting expanded power grid interconnections, greater cross-border electricity trade and improved broadband access across Asia and the Pacific.
In a statement, the ADB said its Pan-Asia Power Grid Initiative would link national and subregional electricity systems to enable the cross-border flow of renewable energy.
A parallel effort, the Asia-Pacific Digital Highway, aims to narrow the region’s digital divide and support artificial intelligence-driven growth.
Under the grid initiative, the bank will work with governments, utilities, private investors and development partners to mobilize $50 billion by 2035 for cross-border transmission infrastructure designed to unlock renewable energy at scale.
The program will focus on transmission and grid integration, including interconnectors, substations, storage systems and grid digitalization, as well as generation projects tied to electricity trade such as renewable energy export schemes, regional hubs and hybrid generation-storage facilities.
By 2035, the ADB aims to integrate about 20 gigawatts of renewable energy across borders, build 22,000 circuit-kilometers of transmission lines, expand energy access to 200 million people, create 840,000 jobs and reduce regional power sector emissions by 15 percent.
The ADB said it expects to finance about half of the $50 billion initiative from its own resources, with the remainder to be raised through cofinancing, including private sector participation. Up to $10 million in technical assistance will also be deployed to help align regulations, develop common technical standards, prepare feasibility studies and advance project preparation.
Meanwhile, the Asia-Pacific Digital Highway will mobilize $20 billion by 2035 to finance digital corridors, data infrastructure, and artificial intelligence-ready (AI) economies. Investments will focus on connected infrastructure, including terrestrial and subsea fiber networks, satellite links and regional data centers.
The ADB will also provide policy and regulatory support, including on cybersecurity risk management, and invest in skills programs to strengthen digital and AI readiness.
By 2035, the bank said the initiative aims to provide first-time broadband access to 200 million people and faster, more reliable digital connectivity for another 450 million people across the region. It is expected to cut connectivity costs in remote and landlocked areas by about 40 percent and help create 4 million jobs.
The ADB expects to finance $15 billion of the $20 billion initiative from its own resources and raise $5 billion through cofinancing, including from the private sector.
