ADB pushes for increased investments in clean energy

The Asian Development Bank (ADB) is urging Asia-Pacific countries to invest in clean energy and energy efficiency to secure recent economic gains.

ADB President Haruhiko Kuroda said Wednesday that this investment will meet growing energy demand in developing Asian countries while at the same time mitigate the impact of climate change.

"Asians have more to lose from climate change than any other people. The climate fight will be won or lost by decisions made in this region," Kuroda said in a speech delivered at the opening of the 6th Asia Clean Energy Forum (ACEF) in Manila.

"An important key to lowering energy intensity is the elimination of fossil fuel subsidies and transition to renewable energy. Asia must also take radical steps to increase energy efficiency," he said.

Asia is home to some of the world's fastest growing economies. Rising prosperity combined with an increasing population has also spiked demand for energy. It's estimated that energy requirements in the region will double by 2030. If left unchecked, the ADB said lack of energy security may reverse the region's hard-won gains in poverty reduction.

Dependence on fossil fuel-based power sources is also increasing the threat of climate change. A warmer planet, which brings more natural disasters, will hurt Asia's poor most.

The Manila-based lender said that to meet the rising demand for energy and improve the lives of 800 million people in Asia with no access to electricity, Asian governments have to implement policies on renewable energy development and fast track new business models.