MANILA, Philippines - The Asian Development Bank (ADB) is eyeing to accelerate investments in end-user energy efficiency to help Asia Pacific economies meet the growing demand for power.
At the 8th Asia Clean Energy Forum organized by the ADB, Bindu Lohani, ADB vice-president for knowledge management and sustainable development, said the Philippines needs $601 million in investments for energy efficiency from now up to 2020.
He said there is huge potential for saving energy by making buildings, vehicles, machinery and water pumps more energy efficient to the benefit of consumers and the environment, and the time is right for ADB to do more in the area.
“We want to promote demand-side energy efficiency through public and private sector partnership with ADB taking a lead role in providing customized policy advisory services, technical assistance and innovate financing support in developing member countries,†Lohani said.
In a new ADB study, the multilateral lender noted the booming demand for power in developing Asia.
In the study, the ADB said the region’s share in primary global energy consumption is set to rise to 56 percent in 2035 from only 34 percent in 2010.
By then, the ADB said most Asian countries will produce less than half of the energy they need, forcing substantial fuel imports.
The ADB study said if governments push for more energy efficiency investments, there would be less need to build power plants. This would free up government funds for spending elsewhere.
“This spending could include provision of electricity to the estimate 628 million people in the region who currently have no supply,†the ADB said.