The Asian Development Bank (ADB) said on Wednesday it will increase its investments in end-user energy efficiency to answer the great demand in power, and address environmental threats from greenhouse gas emissions.
The recent study by ADB “Same Energy, More Power: Accelerating Energy Efficiency in Asia,” states that there is a “booming demand of power” in developing countries in Asia, saying that the region’s share of energy consumption globally will rise up to 56 percent by 2035, compared to the recorded 34-percent energy consumption in 2010.
“Most Asian countries will produce less than half of the energy they need, forcing substantial fuel imports,” the study said.
Bindu Lohani, ADB vice president for Knowledge Management and Sustainable Development, said that there is a huge potential for energy conservation by making buildings, vehicles, machineries and water pumps more energy efficient.
“We want to promote demand-side energy efficiency through public and private partnership,” Lohani said.
“We are doubling the GDP [gross domestic product]growth, but we will double more energy consumption if nothing is done,” said Seethapathy Chander, ADB director general on Regional and Sustainable Development.
Despite the bank’s financing of $2 billion in demand-side energy efficiency, Chander said that ADB will also seek aid from partnerships from all over the world. In 2012, the bank released $2.3 billion for financing of renewable energy and energy efficiency and another $970 million for other projects.
ADB investments involve upgrades of energy-efficient public buildings and electricity metering devices, street light improvements, financing mechanisms to manufacturers and promotion of energy-efficiency-related programs in utility companies and government-owned industrial facilities.