StanChart targets USD12 billion in clean energy funding for Asia

Standard Chartered Bank says its plans to bring up to USD12 billion of financing to Asia's renewable energy market by the end of 2012. Speaking at the 6th Asia Clean Energy Forum (ACEF) in Manila Brad Sterley, director of the bank's renewable energy and environmental finance team, said that the bank's 2007 commitment of providing up to USD10 billion under the Clinton Global Initiative for renewable and clean energy projects by 2012 was on track.

Standard Chartered has partnered with the Manila-based Asian Development Bank (ADB) in providing project financing for renewable energy including solar power in South Korea, wind power in China and India and geothermal power in Indonesia.

Sterley was 'bullish' on Asia's prospects for renewable energy, according to a Reuters report. One area of concern was the changing regulatory environment but indications were that many countries were planning a major shift to renewable energy. He pointed out that Philippines needed to finalize a feed-in tariff program otherwise, nothing would happen.

Last week, the Philippines launched its green energy roadmap under which it aims to triple its clean-power capacity to account for half of its energy needs within 20 years.