say Asia needs Investment in Clean Energy to
ease Climate Change, Oil Price Burden
Jun 3, 2008 - TERESA CEROJANO - The Associated
MANILA, Philippines - Energy experts on Tuesday
called for massive investment in clean energy in
Asia, warning that delays will hasten climate change
and make the region more vulnerable to oil and
coal price spikes.
Up to $6.4 trillion (euro4.12 trillion) in new
energy infrastructure is needed by 2030, and unless
Asia moves away from dependence on oil and coal,
it will continue to suffer from spiraling fuel
costs and climate change, the Asian Development
Soaring fuel and commodity prices, threats from
climate change and growing problems of poor people
having limited access to energy, all point to the
need to take action," ADB Vice President Ursula
Schafer-Preuss told a clean energy forum attended
by over 500 experts.
The ADB said clean energy was already attracting
significant investment - about $148 billion last
year - but much of the money earmarked for investment
in alternative energy goes to Europe and other
developed regions, with little reaching Asia
because of a lack of supportive policies and
Preuss said the Manila-based lender has achieved
its annual target of $1 billion in investments
in clean energy for the region and expects to
surpass it by 50 percent at the end of this year.
Given the cost of oil and its impact on the climate,
there is no better time than now to take action," said
Winston Brown, environment director for the U.S.
Agency for International Development. "If
action isn't taken now, it will be more costly
to do so in the future."
Many scientists blame global warming on greenhouse
gases such carbon dioxide that come from
burning fossil fuels.
The three-day forum also will focus on new
approaches to urban transport in many Asian
railways and other public transport systems
as alternatives to cars and trucks.
Sustainable development of biofuels, coal
power plant efficiency, improved access
and sources of funding and investments
are among the