ADB tar­gets 3,000mw of so­lar power in Asia Pa­cific by 2013

The Pak Banker - - Front Page -

MANILA: The Asian Devel­op­ment Bank (ADB) tar­gets to in­crease the amount of so­lar power gen­er­ated in the Asia-Pa­cific re­gion six-fold to 3,000 megawatts by mid-2013 to help im­prove en­ergy se­cu­rity within the area.

In a state­ment, ADB pres­i­dent Haruhiko Kuroda said that Asia Pa­cific's high eco­nomic growth rates, con­tin­u­ing pop­u­la­tion growth and cur­rent and pro­jected en­ergy de­mand gap pro­vided a huge mar­ket op­por­tu­nity and po­ten­tial for so­lar en­ergy devel­op­ment.

"Asian coun­tries will need to aim to main­tain eco­nomic progress and im­prove en­ergy se­cu­rity, while si­mul­ta­ne­ously chart­ing a new low-car­bon devel­op­ment path," he ex­plained. Kuroda urged gov­ern­ments in the Asia Pa­cific to in­vest in so­lar en­ergy to also help en­sure that their fu­ture growth was en­vi­ron­men­tally sus­tain­able. Through its Asia So­lar En­ergy Ini­tia­tive (ASEI), the ADB started ear­lier this year iden­ti­fy­ing large ca­pac­ity so­lar projects for po­ten­tial devel­op­ment. ADB hopes to pro­vide $2.25 bil­lion to fund the ini­tia­tive, which is ex­pected to draw in an ad­di­tional $6.75b in in­vest­ments from other in­sti­tu­tions over same pe­riod. -PB News

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