$10 Trillion for Asian Energy Efficiency Projects

ASIA can get $10 trillion for energy efficiency and sustainability claim the Asian Development Bank (ADB).

ADB claim this amount is needed to finance energy efficiency projects across Asia over the next 20 years.

The projects will include more efficient use of energy as well as greater reliance on renewable power sources.

However, ADB said that such projects will need more support from the private sector.

The bank highlighted how China has made energy efficiency a top priority.

"I think it's very striking to see this emphasis on efficiency in the Chinese economy and the effort to apply technologies to not only be more efficient but to change the pattern of demand and its caught up not only with their energy picture, but also the determination to deal with the pollution that's come with fast growth," said Daniel Yergin, Chairman of IHS CERA.

The ADB now wants to see more nations in the region make an equally strong push for energy efficiency and sustainability. This move is crucial as Asia's demand for energy is expected to double over the next 20 years.

Woochong Um, Deputy Director General of Regional & Sustainable Development with the ADB stated:

"When you talk to the private investors, they look at emerging markets and their emerging market ends in places like Korea or China, whereas there's a huge market beyond those countries and our objective is to bring in more resources to those countries as well.

“So I'm pretty optimistic that it can be done, but right now we're still a long way off in terms of achieving enough leverage from private sector investors," he concluded.

To give careful investors assurances, ADB is now investing in such projects with governments.

ADB also said that technological breakthroughs will also be needed to help take the use of renewables beyond 10 per cent of the electricity consumed in Asia.

Currently, over 8 per cent of power in China is generated by renewable sources and the country wants 16-20 per cent of energy coming from renewables by 2020.

Photo by Chem7

Monday 1st November 2010

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