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The Asian Development Bank (ADB) released a statement on November 11th, 2008 pledging to issue a USD 3 million grant to expand its clean energy programme to involve more developing member countries.
ADB will explore a number of energy efficiency market opportunities in Afghanistan, Bangladesh, Cambodia, Laos, Mongolia, and Uzbekistan through a broad range of policies and financial support.
These countries join China, India, Indonesia, Pakistan, the Philippines, and Vietnam in being identified by ADB as having significant potential for clean energy investments, the Manila-based bank said in its press release. The grant will be used to assist in developing projects for possible ADB funding that will help to reduce greenhouse gas emissions and improve energy security through the greater deployment of clean energy technologies in their respective energy markets. In addition to investments aimed at improving energy supply efficiency and harnessing renewable energy and cleaner fuels, ADB is also promoting energy efficiency among end-users in its projects.
The grant supports the Energy Efficiency Initiative (EEI), launched by ADB in 2005, to ramp up ADB’s financial commitment to clean energy to USD 1 billion a year, from 2008 onwards. ADB crossed the USD 1 billion threshold in June 2008. The grant will enable ADB to sustain its level of clean energy investments above its annual target of USD 1 billion until 2010, it added.