ADB, Japan Launch Joint Initiative to Support Businesses, Strengthen Energy Security in Asia and Pacific
The Asian Development Bank (ADB) and Japan launched a joint initiative, Action for Creating Energy Security for Long-term Resilience (ACCEL), to support businesses in Asia and the Pacific facing rising energy prices. ACCEL will provide financial support and investment to help countries manage immediate shocks and build stronger energy systems for the future.
The Asian Development Bank (ADB) and Japan have launched a joint initiative to support countries and businesses in Asia and the Pacific facing rising energy prices. The Action for Creating Energy Security for Long-term Resilience (ACCEL) was formally launched at the ADB Annual Meeting. ACCEL will pursue a two-track approach, supporting corporate liquidity in the short term and a transition to more diversified and sustainable energy systems over the medium to long term. ADB will deploy its existing financing instruments to channel support to enterprises facing increased funding needs. Japan will support these efforts through its ADB-administered trust funds and coordinate with its development finance institutions. The initiative aims to help businesses stay afloat while supporting the transition to stronger and more sustainable energy systems.
This content was automatically generated and/or translated by AI. It may contain inaccuracies. Please refer to the original sources for verification.