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