SINGAPORE – The Asian Development Bank (ADB) plans to put up more funding to help fill the estimated $3.7 trillion needed for renewable energy infrastructure in Asia, including the Philippines, over the next 10 years.
Increasing production of renewable or clean energy is aimed at reducing the effects of climate change.
Gil-Hong Kim, director of the ADB’s Sustainable Infrastructure Division, yesterday said developing countries like the Philippines need more investments in renewable energy infrastructure.
“Asia, particularly China, India and developing countries like Indonesia, Vietnam, Philippines, all these countries will need huge investments on infrastructure to make their economy grow,” Kim said at the opening of the Clean Energy Expo Asia 2011 held at the Suntec International Convention and Exhibition Center here.
To help lower the cost of renewable energy production, Kim said large-scale renewable projects should be implemented, as much as possible through partnership between private companies and local technology manufacturers.
In 2010, global investment in clean energy reached $243 billion, a good portion of which went to Asia, Kim said.
Last year, the Manila-based multilateral creditor invested $1.76 billion in clean energy. It is expected to meet its goal of boosting such investments to $2 billion annually by 2013.
“Experts predict that our region will become the top destination for clean energy investment in no time,” he said.
He said the ADB recently launched the Asia Solar Energy Initiative to help develop 3,000 megawatts of solar electricity by 2013 across the region.
In 2010, it launched the Quantum Leap in Wind Initiative aimed at developing wind resources in Mongolia, the Philippines, Sri Lanka and Vietnam and generating additional one gigawatt of power.
“In Asia’s case, the region’s share of global energy consumption is projected to reach 40 percent by 2050. If this demand for energy is met through fossil fuels, carbon emissions will rise and the region will increase its importation of oil. Nations will be vulnerable to climate change and to the volatile oil markets,” Kim said.
Kim said Pakistan and the Philippines are enjoying the benefits of using more energy-efficient and longer-lasting compact fluorescent lamps or CFL. He said the project is especially helpful to the poor struggling with high electricity bills in both countries.
“There is a high potential across many developing Asian countries for greater clean energy investment, whether it is through renewable energy or more efficient systems,” he said.
The Clean Energy Expo Asia is jointly organized by the Sustainable Energy Association of Singapore (SEAS) and Koelnmesse, one of the world’s largest trade fair companies. The three-day event is part of the Singapore International Energy Week (SIEW).
“Motivated by growing concerns related to climate change and increased energy consumption, the clean technology sector has gained a great deal of momentum these past few years, especially in the Asia Pacific region,” said Michael Dreyer, vice president of the Koelnmesse-Asia Pacific.
He said the Clean Energy Expo Asia provides a platform for industry updates, knowledge exchange and adoption of new technologies.