Asian Development Bank to boost clean energy investments

The Asian Development Bank (ADB) said Wednesday it plans to double its clean energy investments to 2 billion dollars a year to promote low-carbon growth and reduce greenhouse gas emissions in the region.ADB President Haruhiko Kuroda said the new investment target was part of the Manila-based bank's energy efficiency initiative and would take effect from 2013.
"While 2 billion dollars annually is a significant commitment, this represents only a fraction of the region's financing needs in the area of clean energy," he told a forum on climate change hosted by the ADB. "But we expect that this contribution will catalyse significant additional resources from the private sector, carbon markets and other sources," he added. The bank's original target for clean energy investments was 1 billion dollars a year, which it achieved in 2008.