ADB to double clean energy investment in Asia

The Asian Development Bank (ADB) plans to double its investmetn in clean energy to US$2 billion per year in a bid to reduce greenhouse gas emissions in Asia.

The investment is part of the ADB's Energy Efficiency Initiative (EEI), which was announced by ADB president Haruhiko Kuroda during the high-level dialog on climate change in the Asia-Pacific taking place at ADB headquarters this week.

"While $2 billion annually is a significant commitment, this represents only a fraction of the region’s financing needs in the area of clean energy. But we expect that this contribution will catalyze significant additional resources from the private sector, carbon markets and other sources," Kuroda said in a statement Wednesday.

The $2 billion investment will take effect from 2013, adding to ADB's existing clean energy investment.

Among the ADB’s clean energy investment projects are power transmission enhancements in Azerbaijan; wind power projects in China and India; hydro power development in Bhutan, PRC and Vietnam; plans for energy-efficient lighting for low-income households in the Philippines; and a biomass power plant in Thailand.