At a four-day forum, titled “New Business Models and Policy Drivers: Building the Low-Carbon Future,” organized by the U.S. Agency for International Development, the World Resources Institute, and the Asian Development Bank, ADB president Haruhiko Kuroda told Asian nations there is an urgent need to move rapidly to enhance energy efficiency and increase investment in renewable energy. Kuroda detailed how Asia and the Pacific region's strong economic growth and increasing population are generating the world's fastest-growing appetite for energy, with demand expected to double by 2030. Nobel Peace Prize winner John Byrne applauded ADB's efforts to ramp up promotion of renewable energy. In 2010, ADB invested $1.76 billion in clean energy and will likely meet its goal of reaching $2 billion annually by 2013. ADB's Asia Solar Energy Initiative was launched in 2010 to help develop 3,000MW of new electricity capacity by 2013. Additionally, ADB revealed plans to inject $60 million into three venture capital funds that will provide early stage financing support for new technology products for climate change mitigation and adaptation, and hopefully leverage over $400 million in private sector investment.
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Development bank calls for rapid steps to boost Asia's renewable energy, efficiency
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