The Asian Development Bank (ADB) launched here on Monday an Asia Solar Energy Initiative (ASEI) to generate some 3,000 megawatts of solar power by 2012.

The ADB has provided some 2.25 billion U.S. dollars as initial grant funding to the initiative, which aims to identify and develop large capacity solar projects. An additional investment of 6.75 billion dollars by 2012 is also expected.

"With energy demand projected to almost double in the Asia and Pacific region by 2030, there is an urgent need for innovative ways to generate power while at the same time reducing greenhouse gas emissions," said ADB Managing Director General Rajat Nag at a press conference.

In addition to direct financing, ASEI will try to raise 500 million dollars to "buy down" the high costs of investing in solar energy, and exploit ways to attract private-sector investment.

The Solar Energy Forum within the framework of the initiative has also been established as an international knowledge-sharing platform, with its first conference scheduled for July 5-6 in the Philippine capital of Manila.

Environmentally sustainable growth is among the three agendas adopted by the ADB as its long-term strategy until 2020.

The ADB unveiled its 43rd annual meeting of the Board of Governors here on Monday