In a bid to accelerate its energy efficiency initiatives, Asian Development Bank (ADB) is planning to double its clean energy investments in Asia to $2 billion a year.
ADB is to substantially increase its clean energy investments to $2 billion a year from a previous target of $1 billion, to accelerate low carbon growth and reduce greenhouse gas emissions in the region, the multilateral funding agency said in a statement.
"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," ADB President Haruhiko Kuroda said.
The new investment target is part of ADB's Energy Efficiency Initiative (EEI) and will take effect from 2013.
ADB had set the $1 billion-a-year target at the outset of its Energy Efficiency Initiative four years ago.
Among ADB's many clean energy investments are power transmission enhancement in Azerbaijan; wind power projects in China and India; hydro power development in Bhutan, China and Vietnam; plans for energy-efficient lighting in the Philippines and a biomass power plant in Thailand.
ADB also supports the improvement and expansion of energy-efficient mass transit systems in several Asian cities under the Sustainable Transport Initiative.
