ADB, UN agencies launch funding hub for energy projects

MANILA, Philippines - The Asian Development Bank (ADB), in partnership with the United Nations Economic and Social Commission for Asia and the Pacific (Unescap) and the United Nations Development Programme (UNDP) launched yesterday an energy funding hub for the Asia Pacific Region.

During the 9th Asia Clean Energy Forum held at the ADB headquarters yesterday, the three institutions launched Sustainable Energy for All, aimed at mobilizing investment and finding innovative ways to bring clean energy to the Asia Pacific region.

“Developing Asia is home to the majority of the world’s energy poor, more than 600 million without access to electricity and around 1.8 billion people still using fuels like firewood or charcoal to cook their food and heat their homes,” said Bindu Lohani, ADB specialist for knowledge management and sustainable development.

In a separate briefing on the sidelines of the forum, Kandeh Yumkella, special representative of the UN Secretary General and CEO of Sustainable Energy for All, said the hub aims to help potential energy entrepreneurs get access to funding and network with entrepreneurs.

“The hub can help small businesses establish energy projects,” he said.

It aims to create millions of energy entrepreneurs that would provide household solutions, he added.

The hub is one of three regional hubs under the global Sustainable Energy for All initiative set up in 2011 by UN Secretary-General Ban Ki-moon with three objectives to be met by 2030: ensure universal access to modern energy services; double the annual global rate of improvement in energy efficiency; and double the share of renewable energy in the global energy mix.

The hub will leverage the existing structures of ADB, UNDP and UNESCAP energy programs and support to countries in conducting rapid assessments, building construction dialogue on policy and catalyzing investments and mobilizing bilateral and global funds for clean energy development.

“Asia’s demand for energy is soaring as the region’s economies expand and as populations move to cities where energy use is higher. By 2035, developing Asia will account for 56 percent of global primary energy use, up from 34 percent in 2010. This needs to be met by increasing the use of renewable energy and by achieving greater energy efficiency if the environment is to be safeguarded,” the ADB said.