In a bid to increase its energy efficiency initiatives, Asian Development Bank (ADB) is planning to double its clean energy investments in Asia to $2 billion a year. The multilateral funding agency said in a statement this plan is to help accelerate low carbon growth and reduce greenhouse gas emissions in the region.

ADB President, Haruhiko Kuroda, was reported to have said:

"While $2 billion annually is a significant commitment, this represents only a fraction of the region's financing needs in the area of clean energy," .

The new investment target is part of ADB's Energy Efficiency Initiative (EEI) and will take effect from 2013. ADB had set the $1 billion-a-year target at the outset of its Energy Efficiency Initiative four years ago.

Among ADB's many clean energy investments are power transmission enhancement in Azerbaijan; wind power projects in China and India; hydro power development in Bhutan, China and Vietnam; plans for energy-efficient lighting in the Philippines and a biomass power plant in Thailand.    

ADB also supports the improvement and expansion of energy-efficient mass transit systems in several Asian cities under the Sustainable Transport Initiative.