ADB earmarks USD1 billion for India, China

The Asian Development Bank has allotted USD1 billion in financial support for a range of clean energy and environment initiatives in India and China. “The Clean Energy and Environment Program comprises several distinct initiatives including the Energy Efficiency Initiative, which aims to expand our clean energy investment to one billion dollars by 2008,” ADB president Haruhiko Kuroda said, adding that the bank intended to boost its clean energy investments in both countries. Under the carbon market initiative, the ADB will give financial backing and technical support to the sponsors and developers of projects with green house gas mitigation benefits. The bank will be buttressing the two regions’ sustainable urban transport initiatives and climate change adaptation programs, besides fortifying the countries’ capacity to create new concepts and technologies for addressing environmental issues.

Source: ADB to allocate $1bn for energy efficiency initiatives (The Economic Times)

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