Asia urged to ramp up clean energy investments

With nearly one billion people in Asia-Pacific still lacking access to electricity, investments in clean energy should be ramped up to enable the region to sustain growth and meet its future energy needs, according to the Asian Development Bank.

The Manila-based multilateral lender even warned that the Asia-Pacific region’s future energy security remained at risk, unless these investments will be made soon.

And to push further for an effective, sustainable and massive deployment of “clean energy” in the region, the ADB has again co-organized the 6th Asia Clean Energy Forum (ACEF), which will explore a wide range of issues in the clean energy sector, including policies, regulations, financing and business models.

The forum, which kicked off this week, features speakers who will share the latest in clean energy policies, technologies and business models.

Clean energy is one of ADB’s priority areas. It targets to lend yearly $2 billion starting 2013 to projects in this sector.

The multi-pronged Clean Energy Program of the ADB seeks to increase regional efficiency in energy, transport and urban sectors; to adopt renewable energy sources; and to improve access to energy for the poor and remote regions. The clean energy program seeks to meet energy security needs, facilitate transition to a low-carbon economy, universal access to energy, and achieve ADB’s vision of a region free of poverty.

Earlier, it was reported that the Philippines was negotiating with ADB for $1 billion in loans for key renewable energy and energy efficiency projects.

These ADB loans are expected to help augment an estimated $2.75 billion worth of investments needed to implement key programs and projects that would significantly reduce greenhouse gas emissions.

However, it was still not clear how much of the $1 billion sought by the Philippines will be allocated for renewable energy and for energy efficiency projects.