ADB spends S$966 million on global warming fight
Fri, Dec 04, 2009

MANILA - The Asian Development Bank said Friday it would invest 700 million dollars (S$966 million) to help member countries adapt to climate change and develop renewable energy technologies.

"The (money will help) 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," said ADB official Xianbin Yao.

The ADB said in a statement the money would be used to promote wind, solar, hydro and geothermal power, as well as help increase energy efficiency measures for industry, commercial buildings and local governments.

It would also be used to support pilot programmes on climate change resilience and forest investment in poor countries, with the aim of expanding those efforts to other nations.

"For example, a successful adaptation programme undertaken in a delta region such as Bangladesh could potentially be replicated in other countries with similar geography," the statement said.

The money will be dispersed in two funds, one of which will involve soft loans and the other grants.

The ADB said the money was part of its increasing focus on climate change.

It said it spent around 1.7 billion US dollars on helping countries move towards a low-carbon growth path, up from 230 million US dollars in 2003.

It said it was targeting annual investments of two billion US dollars by 2013.

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