| (philstar.com) Updated September 29, 2010 02:26 |
MANILA, Philippines (Xinhua) – The Asian Development Bank (ADB) has sold $232.2 million worth of Clean Energy Bonds to support its renewable energy and energy efficiency projects in Asia and the Pacific.
The issuance follows the successful sale in April of the bank's first batch of Water Bond, which is supporting the ADB's work in the water sector in Asia and the Pacific.
As part of its Energy Policy, the Manila-based ADB is targeting $2 billion a year in clean energy investments by 2013. The bank will provide assistance to clean energy projects in an amount at least equal to the amount raised by the latest bond issue.
Rapid economic expansion in Asia and the Pacific has caused rising greenhouse gas emissions and put heavy pressure on energy resources. At the same time, millions of people in many parts of the region have no access to basic energy, undermining their livelihoods and holding back development in the region.
The bond comprises four tranches: four-year bonds denominated in Australian dollars; four- and seven-year bonds in Brazilian real; and seven-year bonds in Turkish lira.
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