Taken from http://www.newenergyworldnetwork.com

The bank, which pumped $1.8bn into the development of renewable power across Asia in 2010, is set to increase this further from 2013 as the roll-out for clean energy installations continues apace.

In addition to this funding opportunity, it has also invested $60m to nuture what it describes as climate change technologies in China and India.

Philip Erquiaga, director general of ADB’s private sector operations department, said, ‘Climate change will hit Asia hard in coming decades. Investing in these venture capital funds will help channel finance into innovative and affordable technologies that tackle the challenge of climate change in ways that are suited to developing Asia.’

ADB is injecting $20m each into the three funds – Aloe Environment Fund III, Keytone Ventures II, and VenturEast Life Fund III – that should leverage an additional $600m to $700m private sector investment into the funds.

Speaking at a conference this week, Xiaoyu Zhao, vice president of operations at the Asian Development Bank, said through the bank’s Asia Solar Energy Initiative, it is seeking to increase capacity of solar energy six-fold to 3GW within three years.

‘As part of our overall strategy to help developing member countries transition into low carbon economies, ADB strongly supports the development and use of renewable energy sources. We see significant potential for solar energy in particular, given the region’s good solar irradiation and large patches of otherwise unusable land,’ Zhao said.

Xhao said a prosperous future for Asia is by no means guaranteed, and despite a fast recovery from the recent economic crisis, the region still faces huge development challenges – not least in the effective management of its resources.

Solar energy accounts for less than one quarter of Asia’s overall energy demand, with solar-powered electricity amounting to in the region of 500MW.

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