ADB says it will double clean energy investment by 2013

The Asian Development Bank (ADB) will boost its investments in “clean energy” to two billion dollars a year by 2013, doubling its current contribution, the bank’s president said Wednesday.

Haruhiko Kuroda said he hoped the target could even be achieved before 2013 and noted the multilateral institution had provided a billion dollars last year.
Speaking on the sidelines of an environment conference at the ADB headquarters in Manila, Kuroda said the two billion dollars was “a fraction of the region’s financing needs” to fight climate change and cut greenhouse gases.

But he expressed hope the bank’s contribution would have a “catalysing” effect and leverage additional resources from the private sector.

Kuroda warned that many Asia-Pacific countries, particularly in Southeast Asia, would be the most affected if sea levels rose as a result of global warming.

AFP