As a response to the mounting pressure on Asian countries to balance rapid economic growth with environmental preservation, Japan will contribute $100 million to a special Asian Development Bank fund intended for environmental projects. The financing, which will be announced at the annual meeting of the ADB in Kyoto this week, will push for environmentally-friendly infrastructure and renewable energy resources, such as solar power, in Asia?s emerging economies. The ADB also recently inaugurated the Clean Energy Financing Partnership Facility, which seeks to raise $250 million for energy projects in developing countries. As a collective venue for loans, grants and donor contributions, “this facility encourages ADB’s development partners to cooperate in the financing of clean energy projects in the region,” said ADB Principal Director of the Office of Co-financing Operations Werner Liepach. The facility will also provide technical assistance and support to investment projects, which will help address local and global environmental and economic consequences of industrialization in the Asia-Pacific region.
Reports: Japan to Set Up Fund at ADB (AP)
ADB facility to fund clean-energy projects (Philippine Daily Inquirer)