8 July 2008: The Asian Development Bank
(ADB) has established a new fund to finance clean energy projects, in the
Asia-Pacific region, that generate carbon credits beyond 2012. “The new fund will provide an incentive
for the ADB’s developing member countries to scale up energy efficiency and the
use of renewable energy sources that will contribute to both climate change
mitigation and enhanced energy security,” ADB Vice President Ursula
Schäfer-Preuss said.

The new Future Carbon Fund is designed to stimulate
investments in clean energy projects, keeping the momentum until an agreement
on a post-Kyoto climate framework is reached. Participants in the fund may
include both public and private sector entities in the ADB’s 67 member
countries. It is a public-private partnership between ADB and governments and
companies. The new fund will complement the ADB’s US$150 million Carbon Market
Initiative (CMI), which provides finance and technical support to projects in
the lead-up to 2012. [ADB
Press Release]