700 million dollars to Asian climate investments

Copenhagen
Climate Change News

700 million dollars to Asian climate investments
4 Dec 2009

New funds to support low carbon energy technologies in Asia via the Asian Development Bank.

The Asian 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.

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Source: Copenhagen Cop15