Asian Development Bank urges support for solar power

14:54, June 03, 2011      

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At the third Asia Solar Energy Forum in Bangkok, Thailand, Asian Development Bank Vice President Zhao Xiaoyu said in his opening address that Asian countries must expand solar power generation to sustain the region's impressive growth momentum and to satisfy the need for energy savings and emissions reduction.

In the recent years, the Asian Development Bank has prioritized a number of projects in the area of clean energy and renewable energy resources and has continued to increase investment in clean energy.

In 2010, the bank arranged financing worth 1.8 U.S. dollars to clean energy projects, exceeding the estimated amount of 1 billion U.S. dollars in the three consecutive years and plans to allocate at least 2 billion U.S. dollars every year from 2013.

The current solar power in Asia is only about 500 megawatts, accounting for less than 0.25 percent of Asia’s energy portfolio. The Asian Development Bank hopes solar energy could reach its full potential and increase the percentage to 3 percent to 5 percent in the coming years. According to the International Energy Agency, solar power generation will count for 20 percent of the global output.

Zhao said many Asian countries have edge in the development of solar energy but are hampered by financial shortage and institutional constraints. In an interview after the meeting, he told reporters that the bank is planning to get involved in a climate change fund initiated by a Chinese energy company as the first climate change fund registered nationally by RMB.

Anil Terway, senior advisor and practice leader of the Regional and Sustainable Development Department of Asian Development Bank, told reporters that this fund is like a "reservoir", which can provide with loans to aid solar energy projects and thus promote research and application in the area of solar energy.

The Asia Solar Energy Forum, an important component of the Asia Solar Energy Project, gathered more than 300 government officials, private companies and solar energy experts together.

By Ji Peijuan People's Daily correspondent in Thailand, translated by People's Daily Online

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