Energy plays a vital role in economic growth and poverty reduction. The Asia and Pacific region is seeing energy demand increasing rapidly due to its unprecedented economic growth. This growth is not sustainable if most of this energy will have to be met by fossil fuels.
Increased fossil fuel consumption will significantly increase greenhouse gas emissions and result in dangerous levels of global warming.
As part of its effort to increase energy security and to help mitigate the region's growing greenhouse gas (GHG) emissions from the use of energy, in 2005 ADB established the Energy Efficiency Initiative (EEI) to promote greater investments in energy efficiency and renewable energy within the region and to increase ADB's lending in these two sub-sectors to $1 billion per year from 2008 to 2010.
ADB Achieves $1 billion Target Ahead of Schedule
The Energy Efficiency Initiative was established in June 2005 to increase investments in clean energy up to $1 billion per year starting in 2008 and this target was achieved almost 7 months ahead of schedule.
Over the past decade, ADB has provided close to US$2 billion in assistance for energy and environment-related projects. ADB has mainstreamed the vision of clean development and climate change and has expanded its services to promoting sustainable growth in Asia and the Pacific.
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