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ADP to double clean energy investment in Asia

The Asian Development Bank (ADB) plans to double its clean energy investment to $2 billion per year from its previous $1 billion per year in an effort to speed low carbon growth and reduce greenhouse gas emissions in Asia.

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

The $2 billion investment will take effect from 2013, adding to ADB's existing clean energy investment. Projects include: power transmission enhancement 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.

What’s your take? Will this ADB investment really make a difference? Will it, as Kuroda hopes, catalyze significant additional resources from the private sector, carbon markets and other sources? Even so, will such additional funds result in the ADB's goals?

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090617 :ADP to double clean energy investment in Asia

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Eric Watkins
OGJ Oil Diplomacy Blog
by Eric Watkins

Eric Watkins joined Oil & Gas Journal in 2001 as Middle East Correspondent and now serves as its Oil Diplomacy Editor, drawing out the industry’s political implications. His column Watching the World appears weekly in Oil & Gas Journal, while his news articles appear daily on Oil & Gas Journal Online. Eric’s work is based on his experience as a correspondent in the Middle East, Europe, and Central Asia. He lived in Saudi Arabia, 1981-88; Yemen, 1989-94; the UK, 1988-89 and 1994-2000; and Cyprus, 2000-04. Additional assignments have taken him to Africa, the Arabian Gulf, the Caucasus, and Central Asia.

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