ADB to Fund Low-Carbon Schemes

20 December 2009 (Last Updated December 20th, 2009 18:30)

The Asian Development Bank (ADB) has said it will provide cash to support low-carbon investments under the clean technology fund (CTF). The bank will provide $250m for energy efficiency and renewable energy development in the Philippines. Schemes proposed for funding include i

The Asian Development Bank (ADB) has said it will provide cash to support low-carbon investments under the clean technology fund (CTF).

The bank will provide $250m for energy efficiency and renewable energy development in the Philippines.

Schemes proposed for funding include improved land usage, solar power and a smart electricity grid that will help mitigate and adjust to climate change.

In 2009, $3.2bn was allocated from the CTF to help developing countries, and $30bn leveraged to help make the transition to lower-carbon economies.

The multilateral development bank has agreed to extend $3.87m in technical assistance grants from its concessional funds for distributed small wind power systems in Asian rural areas.