TBILISI, Georgia, May 4. Fossil fuels will eventually become unaffordable in future, ADB Special Advisor on Climate Change Warren Evans told reporters on the sidelines of the ADB annual meeting in Tbilisi today, Trend reports.
"New renewable energy sources, solar, wind and in particular solar energy, are now cheaper than electricity generated from fossil fuels. So the transition to green energy is just good business. You reduce air pollution problems and also reduce greenhouse gas emissions, but it's also safer.
Many countries that have to import fuel have better energy security through the transition to renewable energy sources. Countries with abundant renewable energy sources are moving towards e-mobility, which is also cheaper. They won't have to import as much gasoline and gasoline. So it's actually a very good business.
If you look at ADB's private sector operations that have been undertaken over the last couple of years, a very large amount of private sector investment is in green energy. So it's just based on the track record, it's a good business," Evans said.
The theme of the 57th annual meeting, scheduled for May 2 to 5, is "Bridge to the Future".
The annual meeting provides ADB governors with the opportunity to discuss development issues and challenges facing the Asia-Pacific region. Several thousand participants regularly attend the meeting, including finance ministers, central bank governors, high-ranking government officials, representatives of the private sector, international organizations, civil society organizations, youth, academia, and the media.