The Asian Development Bank (ADB) is planning a billion dollar clean energy fund to invest in renewable and clean energy projects in Asia, a bank executive said Thursday. The ADB has partnered with Britain's Department for International Development and the International Finance Corp. to roll out the new fund, Dow Jones Newswires reported. "The structure of the fund is still being worked out but we would hope that we can launch it early next year. The size should be at least one billion US dollars," Shin Kim, head of private equity at ADB's private sector operations department, was quoted as saying.
The fund will invest directly in public and private renewable energy and clean energy projects in Asia as well as in other climate change-related private equity funds. "We feel it's critical to mobilise large-scale funds that can be put quickly and effectively to work through both the public and private sector to combat the effects of climate change and ensure sustainable growth in Asia," Kim said. China became the world's number one energy consumer this year, surpassing the US, while also outspending the US on clean energy alternatives to oil.