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ADB President Calls for Investment in Climate-Friendly Technologies

3 February 2011: In a statement to the the "Delhi Sustainable Development Summit," taking place from 3-5 February 2011, in New Delhi, India, Haruhiko Kuroda, President of the Asian Development Bank (ADB), called for immediate steps to lower the carbon intensity of development and improve the resilience of societies to climate change.

He emphasized the need for new investment in climate technologies, including through public financing to leverage private capital. He expressed the hope to generate US$500 million in new venture capital investments in climate technologies. Kuroda highlighted ADB's support to the Asia Solar Energy Initiative and called for multilateral and bilateral aid agencies, governments, the private sector and civil society to work together to promote local ownership in the development of technologies, with solutions customized to specific communities and markets. [ADB Press Release]