Dec 6, 2009

Philippines ADB's 700 million dollar global warming fight fund

2009 Dec 4

MANILA — The Asian Development Bank said Friday it would invest 700 million dollars to help member countries adapt to climate change and develop renewable energy technologies.

"The (money will help) ADB to work together with developing member countries to transform to a low-carbon growth trajectory and strengthen their resilience to threats posed by climate change," said ADB official Xianbin Yao.

The ADB said in a statement the money would be used to promote wind, solar, hydro and geothermal power, as well as help increase energy efficiency measures for industry, commercial buildings and local governments.

It would also be used to support pilot programmes on climate change resilience and forest investment in poor countries, with the aim of expanding those efforts to other nations.

Read more: http://www.google.com/hostednews/afp/article/ALeqM5gK4FFbvmAA71CURM35HjoRPxh7gA

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