Investors needed for Asia’s $10T energy projects
ADB is hopeful that Asia can get US$ 10 trillion to finance sustainable energy projects over the next 20 years.
According to the Channel News Asia, the projects will include more efficient use of coal and oil as well as greater reliance on renewable power sources such as wind and solar energy.
However, the Asian Development Bank or ADB said that such projects will need more support from private investors.
"When you talk to the private investors, they look at emerging markets and their emerging market ends in places like Korea or China, whereas there's a huge market beyond those countries and our objective is to bring in more resources to those countries as well. So I'm pretty optimistic that it can be done but right now we're still a long way off in terms of achieving enough leverage from private sector investors," said Woochong Um, Deputy Director General of Regional & Sustainable Development with the ADB.
The ADB said this is because investors perceive such projects as highly risky.