US president Joe Biden will announce $150mn in new US spending in southeast Asia to promote development of renewable energy and infrastructure, as well as maritime security, when he hosts leaders of ten ASEAN nations on Friday.
The spending package includes $40mn in development finance that could unlock up to $2bn in private investment in southeast Asian power systems, increasing regional energy trade, and accelerating the deployment of clean energy technologies, a senior US official said. The Biden administration will also launch a “climate solutions hub” to provide technical assistance to ASEAN members — Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam — in implementing their emissions goals set under the Paris climate accord.
