ADB to invest 1 billion dollars a year for 'clean energy' in Asia

0 Comments | AFP, June, 2008

MANILA (AFP) — The Asian Development Bank (ADB) is to invest one billion dollars annually in "clean energy" projects as part of an effort to encourage their use, the Manila-based bank said Tuesday.

ADB vice-president for sustainable development Ursula Schafer-Preuss made the announcement at a special forum sponsored by the ADB and the US Agency for International Development (USAID) on finding cleaner energy sources for Asia.

"We launched our energy efficiency initiative about three years ago and set targets for increasing our investments in clean energy to one billion dollars per year starting 2008," she said at the ADB headquarters in Manila.

The ADB is also working to increase "access to energy for all," while promoting reforms such as transparent tariff...