ADB calls on private sector to invest in low-carbon technology

The Asian Development Bank (ADB) is urging the private sector to invest in Asia’s low carbon future.

This news came at the 7^th Asia Clean Energy Forum on Wednesday, as part of the ADB’s call for Asian governments, as well as experts and investors, to finance and develop clean-energy technology to reduce what it called the ‘energy poverty’ in the continent.

“As a development bank, ADB can help shape the enabling environment for clean energy and create the incentives for faster investment on a larger scale… But we are also very much aware of the limitations of our support,” ADB president Haruhiko Kurodo said.

“Our investments cannot simply compete with the resources of the private sector, which invested $75 million in clean energy in the Asia-Pacific last year. That is why we must work together and leverage support from both the private and public sectors.”

Last year the ADB invested a record $2.1 billion in renewable energy and energy efficiency projects. Now the ADB is looking to invest $1 billion in demand side energy efficiency projects in the region by 2020.

“ADB has invested $40 million in two venture capital funds that focus on making climate technologies accessible and affordable,” Kuroda revealed.

“This investment is expected to leverage an additional $400 million from bilateral sources and investors searching for the next promising clean energy start-up.”

 

Image: Asian Development Bank Headquarters, Manila | Wikimedia commons Eugene Alvin Villar