The Asian Development Bank is working on an energy efficiency initiative to expand its investment in clean energy projects to $1 billion a year, ADB President Haruhiko Kuroda has said. | |
| In his address to the ADB board of governors, Kuroda said the bank would be introducing a "carbon market" initiative that would look into the aspects of climate change and energy security with significant benefits for both the developing and industrialised countries. |
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| Kuroda said he would also set up a panel of eminent people for insights into the region's future. |
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| "The panel's views will be discussed at our 2007 annual meeting and will help guide us in a comprehensive, consultative review of our long-term strategic framework. This will also help define the ADB's role in the changing Asia-Pacific region," he said. |
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| Finance Minister P Chidambaram, who is also chairman of the ADB's board of governors, said the bank had started preparation of a new strategy for regional cooperation and integration to better reflect and respond to the region's new financial, economic and political dynamics. |
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| Under the "Innovation and Efficiency Initiative", he said the ADB had introduced three measures to remove business bottlenecks and increase flexibility and responsiveness. |
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| These included a new approach to cost-sharing, financing modalities such as multi-tranche, sub-sovereign and non-sovereign financing, and expansion of local currency lending to reduce currency mismatches. |
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