The Amount Asia Needs to Finance Solar Projects

Image by jeancliclac via FlickrBy Rich Hessler

With its electricity demand doubling in the next 20 years, the Asian Development Bank wants to get $10 trillion to finance sustainable energy projects. This includes solar, wind and hydro-electric power. In addition, this means investment into efficient use of coal and oil.

Much of this $10 trillion needs to come from private investors. Countries like China, which has made renewable energy a top priority, are well on their way to developing a sustainable energy future. China is rapidly installing hydro-power plans and wind farms to generate clean, reliable electricity for its growing economy.

China does not want to follow the path of other developed countries and develop coal/natural gas plants when it can create renewable energy plants. Although slightly more expensive, continuing investment by the Chinese government in solar and wind technologies will bring the cost down.

The Asian Development Bank, which is optimistic about raising capital to finance large-scale sustainable energy projects across Asia, wants to see other Asian countries follow the Chinese example.

To attract more private investors, the Asian Development Bank is trying to attract investment into countries other than China and Korea. Currently, other developing Asian countries are too high a risk for private investors.

To help ease investors, the Asian Development Bank is investing in renewable energy projects with governments. They are providing solar financing and financing for wind/hydro-electric power stations across Asia. The Asian Development Bank's hope is that investors see the success of one investment and are more willing to invest in new projects.

Currently, the Asian Development Bank's goal is to have renewable energy account for more than 10 percent of electricity used in Asia. Currently, just over 8 percent of China's electricity is generated by renewable energy sources. Considering that this is the country with the most emphasis on renewable energy, Asia has a long way to go.

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