More than 500 experts meet in Manila to find solutions to energy crisis

MANILA, Philippines- More than 500 experts are meeting here to find "clean" solutions to the global energy crisis, which stems from high dependence on coal and crude oil, the Asian Development Bank said Tuesday. In a statement, the regional lender, which is headquartered in Manila, said energy experts, policymakers, financiers, and project developers from across Asia-Pacific are calling for massive new investments in clean energy amid spiraling costs for oil and coal and the growing threat of climate change. “The challenges we face today, soaring fuel and commodity prices, threats from climate change, and growing problems of poor people having limited access to energy, all point to the need to take action," said Ursula Schäfer-Preuss, ADB vice president at the opening of the three-day Asia Clean Energy Forum. Schäfer-Preuss announced at the conference that the ADB this week had already achieved its annual target of $1 billion in investments in clean energy for Asia and the Pacific , and expected to surpass it by 50 percent by the end of 2008. ADB said the region needs up to $6.4 trillion in new energy infrastructure by 2030 and unless there is a move away from the dependence on oil and coal, countries will continue to be vulnerable to price hikes in these commodities and will further contribute to climate change. The international forum, attended by government officials, the private sector, development organizations, civil society organizations, and other groups, is taking place as energy prices, particularly oil and coal, hit record highs. Some analysts have argued that a “super spike" in prices may be just around the corner. “Given the cost of oil and its impact on the climate, there is no better time than now to take action. If action isn’t taken now, it will be much more costly to do so in the future," said Winston Bowman, Regional Environment Director at the US Agency for International Development, a sponsor of the Asia Clean Energy Forum. The regional lender said the worldwide clean energy sector is already attracting significant investments – about $148 billion last year – but much of that is being used in Europe and other developed regions, while relatively little is reaching Asia because of a lack of supportive government policies and legislation. - GMANews.TV