Asian Development Bank Offers $1-B Annual 'Clean Energy' Fund For Asia

Manila, Philippines (AHN) - Manila, Philippines-based Asian Development Bank announced Tuesday it has made available an annual $1 billion facility to finance "clean energy" projects in Asia.

Ursula Schafer-Preuss ADB vice president for sustainable development said the bank initiated energy efficient programs in 2005 and has targeted to increase budget for the project to reach $1 billion starting 2008.

Speaking at a forum in Manila sponsored by the ADB and the U.S. Agency for International Development of USAID, Schafer-Preuss said ADB wants to increase "access to energy for all," and at the same time promote transparent tariff rates, and formulate regulations and long-term policies.

One of the projects funded by ADB under the program is the energy-efficient heating systems in Guandong, China.

Among the long-term initiatives the bank is looking at are projects in solar, wind or ocean wave power energies.

But these programs would depend on locations, he said.

In the Philippines, the region has high power tariffs with a lot of renewable energy projects would be viable. The same cannot be said of Indonesia, he said.