Asia urged to invest more on clean energy sources

Jun 26, 2007, 18:01 GMT

Manila - The Asian Development Bank (ADB) on Tuesday urged countries in the region to boost investments in clean energy sources to sustain its economic growth and reduce greenhouse gas emissions.

'Asia faces a particularly daunting challenge in securing the energy it needs to support growth and poverty reduction in a responsible, sustainable manner,' ADB President Haruhiko Kuroda said at the start of a three-day Asian Clean Energy in Manila.

'Clean energy, including energy efficiency and renewable energy, needs to be actively promoted,' he added. 'Developing countries should be encouraged to explore possibilities for renewable energy resources, such as wind, solar and bio fuels.'

The conference, organized by the Manila-based ADB and the United States Agency for International Development (USAID), aims to find ways to scale up the deployment of clean energy across Asia.

It is being held after a USAID report warned that emissions of carbon dioxide, the most common greenhouse gas, will more than triple from Asia's six largest developing nations by 2030.

The report identified viable and cost-effective clean energy options, which could reduce annual emissions of carbon dioxide in these countries by 3.5 billion metric tons or 25 per cent.

The ADB noted that Asia now accounts for one-quarter of the world's greenhouse gas emissions, with about 70 per cent of the region's energy needs dependent on fossil fuels - a primary source of greenhouse gases.

'Without a change in course, it will get worse,' Kuroda warned. 'As greenhouse gases remain in the atmosphere for many decades, we must prepare for the inevitable worsening of climate change.'

Last year, the ADB announced it plans to increase spending on its clear energy programme to 1 billion dollars a year.

Kuroda said that while the ADB's efforts were 'only a small fraction' of the region's needs, he hoped that the bank's contribution would catalyze significant additional resources.

It is estimated that Asia will need up to 5 trillion dollars in energy infrastructure between now and 2030, most of which would have to be directed toward electricty supplied by coal-fired power plants.