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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World World Bank urges Asia to boost clean energy spend By ALEX KENNEDY,Associated Press Writer - Tuesday, April 20 Send IM Story Print SINGAPORE – China and Southeast Asia need to boost investment in renewable energy by $1.6 trillion to slow growth in greenhouse gas emissions over the next 20 years, the World Bank said Monday. The region already plans to invest $100 billion a year to boost energy efficiency and develop renewable energies and technologies. But that won't be enough to keep carbon emissions _ which many scientists say cause global warming _ from doubling over the next 20 years, according to the bank. China, the world's most populous country and biggest emitter of greenhouse gases, must shoulder 80 percent of the extra $80 billion a year needed to stabilize carbon use by 2025 and lower emissions by 2030, the bank said. "The window of opportunity is closing fast as delaying action would lock the region into long-lasting high-carbon infrastructure," the bank said in a report. The World Bank hopes $25 billion of the annual additional investment will come from low-interest loans from developed countries and multinational agencies. China last year became the world's biggest investor in clean energy though the amount remains below what the World Bank is calling for. China's investment and financing for clean energy rose to $34.6 billion in 2009, out of $162 billion invested globally, according to the report by the nonprofit Pew Charitable Trusts. U.S. spending ranked second, at $18.6 billion. The bank urged countries to embrace renewable energy such as hydropower, wind, biomass, geothermal and solar to reduce dependence on oil and coal. The bank called on China, Indonesia, Vietnam, the Philippines, Malaysia and Thailand to cut government subsidies for gasoline and other fuels to discourage energy consumption, which the bank expects will double in two decades. The bank also said the region's governments should carefully plan the expansion of cities to avoid inefficient urban sprawl. About 300 million Chinese are expected to migrate to cities from rural areas over the next 15 years, it said. Recommend Send IM Story Print Related Articles EU lifts restrictions on US rice imports - official Reuters - 15 minutes ago Europe shares slip on Goldman, volcanic ash cloud Reuters - 19 minutes ago US-BUSINESS Summary Reuters - 19 minutes ago Halliburton profit beats; outlook improves Reuters - 19 minutes ago Russian rouble down on global risk aversion Reuters - 21 minutes ago News Search Top Stories Venezuelan boxer hangs himself after murder rap Airlines urge governments to reopen routes Toyota to pay fine but not off hook yet: US govt New fears beset markets over Greece's debt NASA delays shuttle Discovery's return to Earth More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended EU emergency talks as volcano cloud havoc worsens Toad is a telltale for impending quakes: scientists Goldman fraud charges trigger possible wider crackdown Volcano cloud pushes European airlines to the brink: analysts Ocean census uncovers 'new world' of marine microbe life More Most Viewed » Toad is a telltale for impending quakes: scientists Two-million-year-old hominid sheds light on evolution Taiwan's male 'Susan Boyle' a web sensation EU emergency talks as volcano cloud havoc worsens More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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