ASIATODAY.ID, JAKARTA – New Zealand has prepared funds amounting to US$25 million to support the energy transition and efforts to reduce greenhouse gas emissions in the Southeast Asia region.
Prime Minister Christopher Luxon and Climate Change Minister Simon Watts said on Friday that the funds would be channeled through the Energy Transition Mechanism (ETM) scheme organized by the Asian Development Bank (ADB).
“ETM is a transformative initiative that leverages public and private financing to spur the closure and reuse of fossil fuel-powered plants and replace them with cleaner, renewable energy sources,” Luxon said in a statement issued from Manila.
The funds will focus on Indonesia, the Philippines and Vietnam in its initial phase.
“Urgent action to significantly reduce greenhouse gas emissions is needed so that temperatures (do not increase beyond) the 1.5°C target and reduce the worst impacts of climate change,” he said.
New Zealand is the third partner to participate in a trust fund for ETM after Japan and Germany. PM Luxon and his delegation arrived for a two-day state visit to the Philippines on Thursday, April 18 2024.
This visit is the first by a New Zealand PM in the last 14 years. Luxon meeting with Philippine President Ferdinand Marcos Jr. on Thursday evening agreed on a joint commitment to strengthen maritime security cooperation, which includes bilateral and multilateral activities at sea, ship transit and capacity development.
New Zealand and the Philippines have also committed to signing a joint logistics support agreement by the end of 2024. (ATN)
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