Reuters AlertNet Lite - ADB to invest $1bln in clean energy projects in '08

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ADB to invest $1bln in clean energy projects in '08

04 May 2007 06:49:59 GMT
Source: Reuters

KYOTO, May 4 (Reuters) - The Asian Development Bank said on Friday it would spend at least $1 billion on clean energy projects in 2008, as it seeks to strengthen its role in balancing economic development and environmental concerns in the region.

That would mark a rise of 10 percent or more from this year, when it is expected to invest $900 million in such projects.

The ADB is facing pressure from environmental protection groups such as Greenpeace to address issues including reducing greenhouse gas emissions as stipulated in the Kyoto protocol, adopted a decade ago in the same city where the ADB is holding its annual meeting.

"We are currently deploying our staff to work with governments to promote possible projects," the ADB's director on energy, WooChong Um, told reporters on the sidelines of the annual meeting.

But Greenpeace campaigner Athena Ballesteros said $1 billion was still paltry compared with how much the bank provided every year for infrastructure development programmes in the region.

"We welcome it, obviously. It is a significant step. But we think it is not enough," Ballesteros told Reuters.

She said her group wants the ADB to shift its focus from financing power-generating facilities that use fossil fuels such as coal to clean energy sources.

As Asian nations industrialise rapidly and populations grow, the ADB is seeking a role in facilitating environmentally sustainable growth around the region, such as by financing clean energy projects.

These projects include applying energy-efficient technology to existing power facilities as well as promoting use of renewable energy and non-fossil fuels.

The bank invested nearly $720 million on clean energy projects from 2000 to 2005, including setting up a $161 million fund to help Indonesia increase its use of renewable energy.

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Last updated:Fri May 4 06:52:41 2007