ADB ups support for sustainable development projects - Report

MANILA, Philippines : The Asian Development Bank (ADB) has sharply increased support for projects promoting sustainable, inclusive, and environmentally sound growth in Asia and the Pacific, said a new report.

"Strategy 2020, our long-term strategic framework, recognises the essential role that environmental sustainability plays in poverty reduction and inclusive growth, and the ADB sustainability report for 2011 and 2012 shows we are making headway on many fronts," said the ADB's Director for Environment and Safeguards, Nessim Ahmad.

Asian Development Bank Sustainability Report: Investing in Asia and the Pacific's Future, shows that in 2011-2012, ADB approved projects totaling $43 billion - up 10% from the previous two years - that helped create and expand economic opportunities in the region while taking into account economic, social, and environmental impacts. The projects promoted growth while at the same time enhancing access to basic services such as water supply, education, and health, and helping beneficiaries mitigate and adapt to climate change impact.

During the same period, the ADB approved 112 projects with an environmental sustainability focus totaling more than $13 billion, a 50% increase over the previous two years. It invested $4.4 billion in clean energy-related initiatives to provide an additional 2,125 megawatts of renewable energy generation capacity across the region over 2011 and 2012.

In response to the growing climate change threat, in 2012, ADB approved climate-related finance of $3.4 billion while transport investments, including low-carbon projects, in 2012 totaled nearly $4 billion.

Meanwhile substantial support was given to help urban centres become greener and more sustainable, including a $600 million for projects in secondary sized cities in the People's Republic of China.