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The Asian Development Bank
has announced an Asian solar
energy initiative to generate
some 3,000 mw of solar power
over the next three years.
"With energy demand projected
to almost double in the Asia
and Pacific region by 2030, there
is an urgent need for innovative
ways to generate power while at
the same time reducing greenhouse
gas emissions," ADB
Managing Director General
Rajat Nag said at a press conference
at ADB's 43rd Annual
Meeting in Tashkent, Uzbekistan.
"Sustainable solar energy
can be the clean power of the
future if there are appropriate
incentive and financing mechanisms
in place."
The Asia Solar Energy Initiative
aims to identify and develop large
capacity solar projects that will
generate some 3,000 mw of solar
power by 2012. ADB plans to provide
$2.25 billion in finance to the
initiative, which is expected to
leverage an additional $6.75 billion
in solar power investments
over the same period.
The initiative will make available
a range of projects, and
finance and knowledge sharing
mechanisms, so as to attract
commercial banks and the private
sector to invest in these
projects. In addition to direct
financing, it will set a target of
raising $500 million from donor
countries to "buy down" the high
upfront capital costs of investing
in solar energy, as well as design
other innovative ways to attract
private-sector investment.
Nag noted the significance of
the launch of the solar energy
initiative taking place in Central
Asia, a region that is particularly
reliant on carbon-intensive
energy sources but well-suited
to solar energy development.
"Given Central Asia's growing
demand for electricity, the availability
of desert land for largescale
solar energy development,
and their stated commitment to
offset high carbon emissions,
several countries in the region
are excellent candidates for ADB
support through this initiative,"
Nag said.
The Asia Solar Energy Initiative
will also establish and host the
Solar Energy Forum, an international
knowledge-sharing platform
that will track solar development
projects, discuss new solar
power proposals and incentive
mechanisms, and organise major
conferences. The first conference
of the Solar Energy Forum is
scheduled for July 5-6, 2010, in
Manila, Philippines.
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