World Bank launches program to decarbonise East Asia-Pacific power sector

The World Bank has announced a $2.5 billion initiative to help East Asia and Pacific countries decarbonise their power sectors, with a focus on scaling up renewable energy. The program will be implemented through the Multiphase Programmatic Approach (MPA), launched in 2024.

The MPA provides financing from IDA and IBRD to support policy development, strengthen institutions, and fund transmission infrastructure for renewable energy integration. It also aims to de-risk clean energy investments to encourage private sector participation. The program is designed to run until 2034 and allows flexibility to add projects as they become ready.

The World Bank noted that the region accounts for over a third of global emissions, making power sector decarbonisation critical for sustainable growth and achieving nationally determined contributions.