Renewables News

Denmark establishes second fund for renewable energy at ADB

Nov 1, 2006, 11:13 GMT

Manila - The Asian Development Bank (ADB) said Wednesday Denmark was making an initial grant of 20 million kroners (3.42 million dollars) to establish a second cooperation fund for renewable energy in the region.

The Manila-based ADB said the Second Danish Cooperation Fund for Renewable Energy and Energy Efficiency in Rural Areas was aimed at increasing the use of renewable energy in developing member countries.

The first fund was established at the ADB in December 2001 as part of a programme to promote sustainable development in Asia and the Pacific through renewable energy, energy efficiency and greenhouse gas abatement technologies.

Werner Liepach, principal director of ADB's Office of Cofinancing Operations, thanked Denmark for the new contribution and hailed it as a key support in moving forward the bank's sustainable development agenda.

'Continued support from development partners is paramount in implementing renewable energy, energy efficiency and greenhouse gas abatement technologies in ADB's developing member countries,' he said.

The fund will support the increased use of renewable energy technologies and expand access to adequate, affordable and sustainable clean energy services in support of poverty reduction, the ADB said.