Increased use of clean energy in Asia and Pacific will be promoted by the Asian Development Bank (ADB) to boost the region's energy security according to an ADB report released on Friday.
The ADB will conduct a study into its energy policy, backed by a technical assistance grant of $1 million, to address a broad range of growing challenges in the energy sector, said the report.
AdvertisementWith Asia's energy consumption taking a heavy toll on the environment, ADB is planning to develop a new strategy to guide energy sector operations for the next five years.
According to the International Energy Agency, Asia's current annual energy consumption of over 2,100 billion tonnes of oil equivalent is expected to more than double by 2025.
A team of energy specialists will develop and recommend strategies that ADB will adopt in its lending operations from 2007 to 2012 to enhance the effectiveness of its energy sector assistance.
The team will build on the recently launched ADB Energy Efficiency Initiative, which plans an annual allocation of $1 billion to finance clean energy projects within the next two to three years.
Under the project, ADB will produce a book to provide developing countries comprehensive energy data and available options.
ADB has been involved in the energy sector since the early 1980s. The first energy policy was approved in 1981, just after the second oil crisis of 1979.