The Asian Development Bank (ADB) has launched a $70 billion connectivity initiative to integrate power and digital networks across the Asia-Pacific region by 2035. The initiative includes a $50 billion programme named “Pan-Asia Power Grid Initiative” to transition from bilateral energy links to a regional power trade framework.
ADB will contribute $25 billion (50% of the funding). By 2035, the project aims to integrate 20 Gigawatts (GW) of renewable energy, construct 22,000 circuit-km of transmission lines, and reduce regional power sector emissions by 15%. It will improve electricity access for 200 million people by focusing on infrastructure.
The “Asia-Pacific Digital Highway” involves a $20 billion investment to bridge the digital divide and facilitate growth driven by AI. By 2035, it targets providing first-time broadband access to 200 million people and enhancing service quality for 450 million others.
The programme aims to reduce connectivity costs by 40% for remote areas. Additionally, a “Centre for AI Innovation and Development” will be established in Seoul, South Korea. The announcement was made during the 59th Annual Meeting of the bank in Samarkand, Uzbekistan.
