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ADB is targeting $2 billion a year in clean energy investments by 2013

Wednesday, 01 September 2010 08:26 DAP/VIBOL

CAMBODIA, PHNOM PENH, SEPTEMBER 1, 2010-The Asian Development Bank (ADB) announced on Wednesday that it is targeting 2 billion US dollars a year in clean energy investment by 2013.

It plans to issue its inaugural Clean Energy Bond to support its clean energy projects in Asia and the Pacific and it is first time. The Clean Energy Bond is expected to have four tranches, one each denominated in Australian dollars and Turkish lira and two tranches in Brazilian real. It will carry tenors of between 4 and 7 years and will be issued in September, the statement from ADB said.

ADB will provide assistance to clean energy projects in an amount at least equal to the amount raised by the Clean Energy Bond. The issuance, targeted at Japanese retail investors, will be arranged through HSBC Securities (Japan) Ltd. and will be distributed nationwide by more than 20 securities firms, it added.

It stated that the planned bond issue follows the successful sale in April of ADB’s inaugural WaterBond, which is supporting the ADB’s work in the water sector in Asia and the Pacific.

Rapid economic expansion in the region has put immense pressure on resources and the environment. The use of coal and oil and other carbon-based fossil resources to meet the region’s growing energy needs has added to the release of greenhouse gases that contribute

to global climate change.

At the same time, insufficient energy investment in the region is preventing many developing countries and individuals from reaching their full potential. A quarter of the population of Asia and the Pacific - or more than 800 million people - still have no access to basic electricity services, while some 1.8 billion people continue to rely on traditional biomass fuels for cooking and heating, it said, adding that “Clean energy is a crucial element in the fight against poverty in Asia and the Pacific. To put the region on a path to sustainable and inclusive economic growth, we are committed to supporting clean energy projects in the region that avoid harming people or the environment,” said ADB President Haruhiko Kuroda.

Between 2005 and 2009, ADB’s total clean energy investments exceeded $5 billion.

Additionally, the ADB is targeting $2 billion a year in clean energy investments by 2013 focusing on renewable energy projects such as biomass, wind, solar, hydro, and geothermal as well as on energy efficiency projects in industrial, commercial and residential sectors.

Through its clean energy program, ADB intends to help the region meet its energy security needs, facilitate a shift to a low-carbon economy, and ensure everyone in the region has access to energy.

Former Thai PM Thaksin is Not Goods : PM Hun Sen

Wednesday, 01 September 2010 06:11 DAP NEWS / VIBOL

CAMBODIA, PHNOM PENH, SEPTEMBER 1, 2010-Cambodian PM Hun Sen on Wednesday said that former Thai PM Thaksin is not goods for transferring from one hand to another.

Former Thai PM Thaksin is not goods for changing diplomatic and political deal. He still is my good friend,” PM Hun Sen said at the graduation ceremony of a university in Phnom Penh.

The most important thing for full normilzation for diplomatic ties, Thai Troops need to withdraw from Cambodia’s sovereignity,”said PM Hun Sen.

Even former Thai PM Thaksin resigned from the economic advisor of th Cambodian Government, he is still my good friend,” PM Hun Sen repeatedly said.

PM Hun Sen continued that the connection of diplamtic ties is just a change for picture of relationship but the core thing is “invasion” from Thai troops on Cambodian land. The matter of diplomatic ties is not from Dr. Thaksin.

“I could not smile at you. And I am not very happy when you shake my hands but your feet stepped my feet, he noted.

Cambodia has continued to ask the international communities to help mediate to deal the border issues. Unless the documents from previos three times’s meteing need to be approved from thai side and thai troops go back to their land. If not so, we could not continue our talks,” he stresses.

Thai troops have inavded Cambodian soil near Preah Vihear temple since July 15, 2008 after Cambodia listed successfully the temple as world heriatge site.

Thailand sent her ambssador back to Cambodia last week when Dr. Thaksin resigned from Cambodian advisor. The diplomatic ties set up again. in the sidelines of Brussel, the ability of meeting with his Thai counterpart could be and it will not talk about the border issues but it is about trade, economic and investment, PM Hun Sen said.

Cambodia to Build Highest Skyscaper in Asia: PM Hun Sen

Wednesday, 01 September 2010 04:06 DAP NEWS / VIBOL

CAMBODIA, PHNOM PENH, SEPTEMBER 1, 2010-Cambodian PM Hun Sen on Wednesday said that he has propsed a plan to build a highest skyscaper in Asia soon.

It will become the tallest building in Asia,”PM Hun Sen said at the gaduation ceremony of a univerist in Phnom Penh.

He added that it has 555m height and it will become a private building for commercial purposes . the constrcuntion will locate at Koh Pich “Diamond Island,” on side of Mekong River in Phnom Penh’s location.

I will send my plan to ministry of urbanization,land management and costruction to review it, he added. PM Hun Sen did not elaborate in details about the price of construction and when it started building, or number of floors. But a senior governmental official said it cost about 200 million US dollars for first step.

Cambodia enjoyed with growth with over 10 per cent before global ecnomic crisis and now the sistuation has started to recover. Tourism and garment, consturction and agrciulture are main pillar for eocnomic growth of the country.

Greens sign deal to back Australian Labor to form minority gov't

Wednesday, 01 September 2010 03:46 DAP

CANBERRA, Sept. 1 (Xinhua) -- New Australian Greens Member of Parliament Adam Bandt on Wednesday formally sided with Labor Party in the hopes of forming a minority government.

In what was a widely expected move, Bandt signed an agreement with Prime Minister Julia Gillard in her Parliament House office on Wednesday morning. They were joined by Deputy Prime Minister Wayne Swan, Greens leader Bob Brown and his deputy Christine Milne.

In return for Bandt's support, Gillard has offered to set up a climate change committee, make investments in dental care as well as 20 million dollars (17.8 million U.S. dollars) to look at high- speed rail on the east coast.

There will also be a parliamentary debate on Afghanistan and restrictions placed on political donations.

According to ABC Network, the government had also agreed to move towards holding a referendum to change the constitution to recognize indigenous people and local government.

The climate change committee, operating at cabinet level, would move towards setting a price on carbon.

After signing the deal, Greens leader Bob Brown said the Greens, who also hold the balance of power in the Senate, were committed to stable, open and good governance.

"We take that responsibility with a great deal of gratitude to the people of Australia," Senator Brown told reporters in Canberra on Wednesday.

"We will be discussing, if Julia Gillard is the next Prime Minister, a wide range of other issues in the months and years to come."

The deal with the Greens means Labor is now three seats short of the 76-seat majority it needs to form government.

The three incumbent crossbench Members of Parliament, and newly elected independent Member of Parliament Andrew Wilkie are yet to make up their mind who to support as negotiations continue this week.

Three Australians killed as plane crashes on Papua New Guinea island

Wednesday, 01 September 2010 03:44 DAP

CANBERRA, Sept. 1 (Xinhua) -- Australian Foreign Minister Stephen Smith on Wednesday confirmed three Australians were among those killed in a plane crash on a remote island in Papua New Guinea.

Smith said a Cessna Citation jet was carrying three Australians and two New Zealand citizens when it crashed on Misima Island on Tuesday.

According to ABC Network, the Trans Air flight overshot the runway in wet and windy weather, crashed into trees and burst into flames killing four of those on board.

An Australian permanent resident who is believed to be one of the pilots, survived the accident with only heavy bruising.

Among the dead is a 61-year-old marine pilot from Sydney who was working for the Brisbane-based company Australian Reef Pilots (ARP), which provides help for vessels navigating in difficult shipping lanes.

ARP managing director, Craig Southerwood, said the marine pilot, a passenger aboard the small Trans Air jet, had been on his way to board a ship to guide it down the east coast of Australia.

"ARP staff on the ground waiting to meet the marine pilot witnessed the accident and are obviously quite shocked," Southerwood told The Australian newspaper.

"The area is very remote and it was raining heavily at the time of the crash."

This is the third fatal plane crash in Papua New Guinea in just over 12 months. Six people died in light plane crash in January. Nine Australians were among 13 killed when a plane crashed into a mountain near Kokoda in August last year.