In the week long Asia Clean Energy Forum sponsored by Asian Development Bank (ADB) in the Philippines. ADB vice-president for sustainable development, Ursula Schafer-Preuss announced that the bank starting 2008 has $1B alloted annually for investing in Renewable Energy Projects.
This is so as to encourage the use of clean and renewable energy in Asia. Short term targets of the fund are to improve overall energy efficiency, hence the initial investment in energy-efficient heating systems in China. The more far reaching goals are the setup of Solar, Wind and Wave power plants in Asia.
An ADB energy expert said however that adoption of renewable energy still really depends on the general price of electricity in the area. In the Philippines, where it has the second highest electricity rates in Asia (next only to Japan), renewable energy would be very much viable (lucrative?)
Mr. Winston Bowman, Regional Environment Director at USAID, who was co-sponsor of the event also said:
The region is estimated to need up to $6.4 trillion in new energy infrastructure by 2030 and unless there is a move away from the dependence on oil and coal, countries will continue to be vulnerable to price hikes in these commodities and will further contribute to climate change. [source]
To read more on ADB’s renewable and clean energy policy’s, you can download it from their site (PDF format)
[source]
Category: Asia, Clean Energy
