THE government of New Zealand has committed $25 million to the Asian Development Bank's Energy Transition Mechanism Partnership Trust Fund (ETMPTF) to support the transition to clean energy in Southeast Asia.

In a statement on Friday, ADB Philippines said that this contribution, highlighted by New Zealand Prime Minister Christopher Luxon, adds to the funding pool used for feasibility studies and projects aligned with the ETM's objectives.

"As the climate bank for Asia and the Pacific, we believe ETM has the potential to be one of the largest carbon reduction programs in the world and a vital tool in the battle against climate change. Support from partners such as New Zealand is critical as we expand ETM across our region," said ADB President Masatsugu Asakawa.

This funding from New Zealand marked the third contribution to the ETMPTF, following support from Japan and Germany.

"We are grateful for this support from the Government of New Zealand for the ETMPTF, which is an important driver of the Energy Transition Mechanism program," said Asakawa.

The ETM aims to accelerate the shift to clean energy through the use of concessional and market-based funds to finance feasibility studies for projects that align with its objectives.

It is also part of broader efforts to mitigate the impact of climate change, such as rising sea levels and destructive weather events, in the Asia-Pacific region, including the Philippines.

"New Zealand's contribution to the ETM supports Southeast Asia's ambition for an accelerated transition from fossil fuels to clean energy, while ensuring this transformation is fair and equitable," said Luxon.

For its part, the ADB said that it "is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty."

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