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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.
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.