Sharm El-Sheikh: Germany today announced a €25 million (around $26 million) grant commitment to the Energy Transition Mechanism Partnership Trust Fund (ETMPTF) to support the Energy Transition Mechanism (ETM) being led by the Asian Development Bank (ADB).
The announcement, made at an event at COP27 by Deputy Foreign Minister and State Minister from the Ministry of Foreign Affairs Anna Lührmann, rounds off a significant 12 months for ETM since ADB joined with the governments of Indonesia and the Philippines to launch at COP26 last year.
"As Asia and the Pacific’s climate bank, ADB believes ETM has the ability to be one of the biggest carbon reduction programs in the world and an important asset in the battle against climate change," said ADB’s Director General of Sustainable Development and Climate Change Bruno Carrasco in a media release on Thursday.
"This new commitment by the Government of Germany is another significant step forward for ETM and the just and affordable energy transition in Asia and the Pacific," Carrasco added.
The grant commitment from Germany comes from the German–Indonesia climate initiative as part of its contribution to the Just Energy Transition Partnership (JETP) announced on November 15.
Germany is the second financing partner to join the ETMPTF, following on from a $25 million grant announcement by Japan.
ETM is a regional, transformative program that seeks to use concessional and market-based funds to retire existing coal-fired power plants on an accelerated schedule and replace them with clean power.
ETM is one component of a larger set of initiatives both domestic and multilateral, including the Indonesia ETM Country Platform and JETP, respectively, that aims to help Asia and the Pacific mitigate the worst impacts of climate change, such as extreme sea level rise and destructive weather events.
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