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ADB to invest 1 billion USD for clean energy in Asia

Apr 6, 2008 - VNDaily.net

The Asian Development Bank (ADB) is expected to invest one billion USD annually in "clean energy" projects in Asia, the Manila-based bank said.

ADB Vice-President for Sustainable Development Ursula Schafer-Preuss was quoted by NAM News Networks as making the announcement at an ADB and US Agency for International Development (USAID) sponsored forum on finding cleaner energy sources for Asia.

Among the projects to be financed by the new ADB investment is the installation and operation of energy efficient heating systems in China, Schafer-Preuss said.

ADB senior energy specialist Sohail Hasnie was quoted as saying that in the short-term, investments would likely go to projects that boost energy efficiency.

However, viable long-term projects such solar, wind or ocean-wave power plants are also being looked at.