BUSINESS

ADB: Asia must boost investment in clean energy

Staff Writer
Columbus CEO

MANILA, Philippines (AP) — The Asian Development Bank says Asia has made huge strides in developing clean energy but must boost investment and use of available technology to meet rising demand and cope with climate change.

ADB Vice President Bindu Lohani said Wednesday that renewable energy has become cheaper as technology progresses.

He said governments must seize the opportunity of low oil prices present to eliminate costly fuel subsidies and level the playing field for renewables.

He told a regional forum on clean energy that despite a leap in investments in renewable energy including solar, wind and geothermal power, the ADB sees coal use in Asia rising fifty percent by 2035 from 2010 levels.

Coal is cheap but highly polluting.