|New funds to support low carbon energy
technologies in Asia via the Asian Development Bank.
Development Bank is planning to channel around 700 million dollars
from two new investment funds to developing member countries to help
them meet the cost of the combat against climate change.
The funds are part of a broad global initiative. Industrialized
donor countries in 2008 pledged over 6.1 billion dollars for the
Clean Technology Fund and Strategic Climate Fund. The climate
investment funds (CIF) are being made available to multilateral
development banks, including the ADB.
“The CIF provides concessionary funds for ADB to work together with
developing member countries to transform to a low-carbon growth
trajectory and strengthen their resilience to threats posed by
climate change,” says Xianbin Yao, Director General of ADB's
Regional and Sustainable Development Department, according to a
press release from the bank.
The funds will support the deployment of low carbon energy
technologies, such as wind, solar, hydro and geothermal power, as
well as energy efficiency measures for industry, commercial
buildings and municipalities. They will also support pilot programs
on climate resilience and forest investment.