NEW YORK &ndash; Asian Development Bank (ADB) on Sunday (3/5) announced a USD 70 billion programme to expand energy and digital infrastructure across the Asia-Pacific region through 2035.
According to Reuters, the initiative aims to strengthen cross-border power grid connectivity, boost regional electricity trade and expand broadband internet access.
ADB president Masato Kanda said energy and digital connectivity would be key to supporting long-term economic growth in Asia-Pacific, in line with rapid technological development.
&ldquo;By connecting cross-border power grids and digital networks, we can lower costs, expand opportunities and deliver reliable electricity and digital access to hundreds of millions of people,&rdquo; Kanda said in a statement.
The programme consists of two main components: USD 50 billion for the Pan Asia Power Grid Initiative (PAGI) and USD 20 billion for digital technology and connectivity projects.
Through PAGI, ADB targets the integration of around 20 gigawatts of cross-border renewable energy, the construction of 22,000 kilometres of transmission circuits and improved electricity access for 200 million people by 2035.
The programme is expected to reduce emissions from the regional power sector by around 15%.
ADB plans to finance roughly half of the power grid programme using its internal resources, with the remainder supported through co-financing, including private sector investment.
Meanwhile, the remaining USD 20 billion will be channelled through the Asia Pacific Digital Highway to support the development of fibre optic networks, submarine cables, satellite connectivity and regional data centres.
The digital programme aims to provide first-time internet access to 200 million people and improve connectivity for another 450 million by 2035.
In addition, ADB estimates the initiative could reduce internet connectivity costs in remote areas by around 40% and create up to 4 million jobs. (DK/KR/ZH)

ADB readies USD 70 billion for energy & digital infrastructure across Asia-Pacific through 2035.