ADB Tells Asia To Accelerate Renewable Energy Development

ADB has warned Asia that failure to make renewable energy a way of life will lead to rises in poverty and loss of living standards.
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June 27, 2011 - PRLog -- The Asian Development Bank (ADB) is urgently pushing Asian nations to “take radical steps” to accelerate investments in renewable energy and energy efficiency projects. In a speech during the 6th Asia Clean Energy Forum (ACEF) on Wednesday, ADB president Haruhiko Kuroda explained that clean energy and a “green growth” paradigm must become the new “business as usual.” Asia and the Pacific’s strong economic growth and its increasing population are generating the world’s fastest growing demand for energy. It is estimated that energy requirements in the region will double by 2030. If left unchecked, the lack of energy security may reverse the region’s hard-won gains in poverty reduction. Continued reliance on fossil fuels will also increase the threat of climate change, thus affecting millions of Asia’s poor and vulnerable through increased natural disasters and shortages in food and water. To meet the rising demand for energy and improve the lives of 800 million people in Asia with no access to electricity, a significant push is needed to fast track new business models and policies for clean energy development. With over 500 participants from 60 countries in attendance, the ACEF is being co-organized by the United States Agency for International Development, the World Resources Institute, and ADB to promote dialogue on scaling up clean energy efforts in Asia and the Pacific.

To accelerate the transition to a clean energy regime, the ADB has launched the “Asia Climate Change and Clean Energy Venture Capital Initiative” in which it will inject $60 million into three venture capital funds that will provide early-stage financing support for new climate technology products. The investment is expected to generate over $400 million from bilateral sources and institutional investors for promising start-ups. This early-stage support will help new low-carbon technologies become more competitive and affordable to the large consumer base in developing Asia. An example of more direct support to technology is ADB’s Asia Solar Energy Initiative, which aims to help build an impressive $9-billion, 3,000-megawatt portfolio of solar power in the region over the next three years.

In 2010, ADB invested $1.76 billion in clean energy and is on target to meet its goal of reaching $2 billion annually by 2013. ADB’s Asia Solar Energy Initiative was launched in 2010 to help develop 3,000 megawatts of new solar energy by 2013. In addition, ADB has recently announced its plan to inject $60 million into three venture capital funds that will provide early stage financing support for new climate technology products. This initiative is expected to leverage over $400 million in private sector investment.

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About Southeast Asian Ethanol:

Southeast Asian Ethanol is a private group that is dedicated to supporting the development of localized sugar cane based ethanol production throughout the Asian Region.
Source:Rory Fontaine
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Tags:ADB, Asia, Ethanol, Renewable Energy, Investment, Asia Clean Energy Forum, Climate Change, Clean Energy, Solar Power
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