Asian Development Bank launches low-carbon project at COP20
Low-carbon technology was launched by Asian Development Bank on Friday at the UN climate conference in Lima
Launched at the sidelines of the UN climate conference in Lima, Peru, the Asian Development Bank (ADB) has developed the world’s first online market place, IPEx Clean-tech Asia, which will focus on solar, energy storage, energy efficiency, and waste to energy technologies.
The new initiative known as IPEx Clean-tech Asia, launched by the Asian Development Bank (ADB) which will be based in Singapore has developed the world’s first online market place, linking global clean-tech companies with prospective clients in the region. The platform will be operated by a clean energy consulting firm called ReEx Capital Asia.
The Chief Executive of ReEx Capital Asia, Yanis Boudjouher said that the platform will “proactively bring together low carbon technologies and those ready to finance and acquire them”.
IPEx Clean-tech Asia is expected to encourage the growth of clean-tech in Asia by allowing owners of low carbon technology to sell their ideas to developing markets in the region.
Currently, experts are administering the service to be conducted through an online platform in order to assist clean-tech sellers and clients identify potential sales and help with legal, financial and potent-related matters.
According to ADB, energy demand in Asia is projected to more than double by 2035. However, the adaption of renewable and low-carbon technology is over shadowed by the use of fossil fuels to meet this growing demand.
The Vice President of ADB, Bindu Lohani says: “a swifter flow of tested and up-and-coming low-carbon technologies to the region so that it can mitigate and adapt to the changing climate”.
The annual market potential for the clean technologies in Asia is estimated to be between US$20bn and US$50bn. The World Bank has estimated that it will take approximately US$30bn to shift Asia’s developing economies to low-carbon technology use.
The platform operators, ReEx Capital Asia, and ABD will dedicate the following three months to designing the online marketplace.
IPEx which was co-founded by ADB have plans to join partnership with the Japanese Government, the Global Environment Facility and the Belgium-based VITO-Flemish Institute of Technological Research in developing an independent business.
