World Bank fuels East Asia and Pacific RE through Multiphase Programmatic Approach

This initiative will specifically help decarbonise the power sector.

The World Bank has announced an initiative to support East Asia and Pacific countries in decarbonising the power sector with a specific focus on scaling up renewable energy.

According to the World Bank, this will be implemented through its Multiphase Programmatic Approach (MPA).

“Through this design, countries select country-specific activities to help them achieve their development goals whilst being part of a broader regional effort. The programme is testing innovative approaches, leveraging the World Bank Group to mobilise private capital, and promoting learning and adaptation across phases,” the organisation said.

The World Bank noted that the region accounts for over a third of global emissions. To continue growing and reducing poverty sustainably and to reach the nationally determined contributions, the decarbonisation of the power sector is necessary, it added.

The MPA was launched in 2024 and provides $2.5b in IDA and IBRD financing to support the development of policies and strengthen institutions; finance regional and national transmission infrastructure to integrate renewable energy generation, and de-risk clean energy investments to support private sector participation.

Its structure, which will remain active for 10 years until 2034, allows flexibility to add projects over time as they become ready.