MANILA, Philippines?The Asian Development Bank targets to double clean energy investments to $2 billion annually beginning 2013.

This is part of a move to accelerate low carbon growth and reduce greenhouse gas emissions in the region.

ADB president Haruhiko Kuroda announced this on Wednesday, which is also the last day of the High Level Dialogue on Climate Change in Asia and the Pacific.

The dialogue is one of the two conferences hosted by the ADB this week, dubbed as Climate and Clean Energy Week.

The new investment target, which is part of ADB's Energy Efficiency Initiative, adds to the bank's already significant clean energy investments.

In 2008, ADB achieved the $1 billion a year target, which was set at the outset of the EEI four years ago.

"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. But we expect that this contribution will catalyze significant additional resources from the private sector, carbon markets and other sources," Kuroda said.

Among ADB's clean energy investments included the energy efficient lighting for low income households in the Philippines; wind power projects in China; hydro power development in Bhutan.