ADB said that the major funding input would help catalyse wider financing contributions in the region.
Last year the bank met its goal of US$1B of investment in clean energy projects. The target had been set four years ago under the bank’s Energy Efficiency Initiative.
The doubling of the funding, which is to be reached in another four years, was announced by the bank during this week’s talks on Climate Change in Asia and Pacific.
ADB cited hydro power development in Bhutan, China and Vietnam as key parts of its renewables investment plans.
In a statement, the bank added: “While US$2B annually is a significant commitment, this represents only a fraction of the region’s financing needs in the area of clean energy. But we expected that this contribution will catalyse significant additional resources from the private sector, carbon markets and other sources.”
