Clean energy investment hub for Asia-Pacific

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The Asian Development Bank (ADB) this week announced it will join forces with two United Nations (UN) departments to trigger clean energy investment in the Asia-Pacific region.

As part of the ninth Asia Clean Energy Forum, which closes today in Manila, the ADB announced the foundation of an Asia-Pacific regional investment hub for clean energy under UN secretary-general Ban Ki-Moon’s Sustainable Energy For All initiative.

The third such global investment hub set up under the 2011 initiative, the Asia-Pacific operation will be hosted and managed by the ADB.

The bank will pool its expertise with the UN’s Economic and Social Mission for Asia and the Pacific (UNESCAP) and the UN Development Program to drive clean energy investment and offer fast energy assessments and constructive policy dialogue.

Aiming to double share of renewables

The Sustainable Energy for All initiative aims to double the share of renewables in the energy mix worldwide by 2030 as well as doubling the global rate of energy efficiency and ensuring universal access to ‘modern’ energy in the same timescale.

The ADB signed a memorandum of understanding with the Abu Dhabi-based International Renewable Energy Agency ahead of this week’s forum, committing to knowledge-sharing over clean energy practices.

The International Energy Agency has estimated the Asia-Pacific region will have to invest more than $200 billion to ensure full access to energy by 2030. The ADB invested $2.3 billion in clean energy projects last year and has committed to spending at least $2 billion annually.