TBT DESK: The Asian Development Bank (ADB) plans to mobilise and invest $50 billion in the power sector by 2035 through new financing instruments, policy support and partnerships, with Bangladesh among the countries expected to benefit.

The funding will be used to develop cross-border electricity grids across some of the world’s most complex regions, aiming to enhance regional energy connectivity and sustainability.

ADB President Masato Kanda shared the plan while speaking at a governors’ seminar on the Pan-Asia Power Grid Initiative (PAGI) during the bank’s 59th Annual Meeting held in Samarkand, Uzbekistan, on May 3. The ADB’s Dhaka office disclosed the information on Tuesday.

Kanda emphasised the need to move beyond isolated projects towards integrated regional systems, highlighting ADB’s role in fostering such collaboration.

Officials believe the initiative will help reduce energy costs, improve reliability and expand trade in environmentally friendly power across the region.

According to the ADB, a key objective of the $50 billion financing is to advance the Pan-Asia Power Grid, which aims to build critical infrastructure for a sustainable and prosperous Asia-Pacific.

The PAGI is designed as a flagship regional platform to accelerate cross-border electricity trade, integrate large-scale renewable energy and strengthen the reliability and affordability of power supply across Asia and the Pacific.

Under the initiative, the ADB aims to integrate around 20 gigawatts of renewable energy, connect 22,000 circuit-kilometres of transmission lines, improve energy access for 200 million people and create approximately 840,000 jobs by 2035.

The bank is also leveraging its convening power to bring together governments, regulators, utilities, the private sector and development partners to align policies, prioritise investments and address regulatory barriers.