Asia Must Invest In Solar Power: ADB

It is essential Asia continues expanding its solar energy industry in coming decades in order to ensure strong economic growth and reduce carbon pollution, according the Asian Development Bank (ADB).
 
ADB Vice-President Xiaoyu Zhao, speaking at the third meeting of the Asia Solar Energy Forum in Bangkok, Thailand, said that the potential for growth in the industry was huge, with up to 900 million people in developing Asia without access to electricity, or currently forced to pay high prices for energy generated from filthy fossil fuels.
  
Zhao pointed out many countries in Asia had a “natural solar advantage” with empty land unsuitable for other uses and high equatorial sun exposure.
 
“Asia could account for half of global output, trade, and investment by 2050,” said Mr. Zhao. “To sustain its impressive growth momentum, Asia must manage its energy security and innovate away from the traditional, high-resource, high-carbon development path toward sustainable, low carbon growth.” 
 
The ADB is the driving force behind the Asian Solar Energy Initiative, which aims to generate 3,000 megawatts (MW) of solar power through various large-scale solar projects by 2013. The Bank hopes the Initiative will attract $6.75 billion in private investment.
 
ADB figures state that less than 0.25 percent of Asia’s total electricity production comes from solar power. Zhao said the aim is to increase that contribution to 3-5 percent in the near future. 
  
The Asia Solar Energy Forum gathers over 300 government representatives, private companies and solar industry experts. The Forum was launched in May last year to promote investment in solar energy projects in the Asian region, with a view to eventually achieving grid parity for solar-powered electricity.