The Asian Development Bank (ABD) is to implement a new energy policy that is designed to help countries improve energy security and reduce greenhouse gas emissions while lifting people out of poverty.
The new policy will mean that the bank’s investments in the energy sector will focus on clean energy and the support of energy sector reforms. It will underpin its current strategies of promoting environmentally sustainable economic growth and addressing the rising threat of climate change.
The revised energy policy follows a review process that included consultations with energy experts, governments, civil society organizations, industry officials, and academe. “The new Energy Policy paper comes at a critical time when ADB is scaling up its assistance to our developing member countries to enhance energy access and move toward climate resilient and low carbon economies,” said ADB Vice President Ursula Schaefer-Preuss.
Under the new policy, the ADB’s investments will focus on energy efficiency, renewable energy projects, and expanding access to energy, particularly in remote rural regions where coverage remains limited. It will also support sector reforms, improved governance and capacity building.
Starting in 2013, ADB will increase its target of clean energy investments to $2 billion a year from a previous target of $1 billion, in a bid to accelerate low-carbon growth and reduce greenhouse gas emissions in the region.
“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,” said ADB President Haruhiko Kuroda. “But we expect that this contribution will catalyze significant additional resources from the private sector, carbon markets and other sources.”
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