MANILA - The Asian Development Bank (ADB) will double its target for clean energy investment to $2 billion a year by 2013 to significantly dampen carbon growth and reduce greenhouse gas emissions in the region, it said on Wednesday.

The Manila-based development lender previously set a target of $1 billion for clean energy investment. It was not clear how much of its current investments are on clean energy initiatives.

"While $2 billion annually is a significant commitment, this represents only a fraction of the region's financing needs in the area of clean energy," ADB president Haruhiko Kuroda told a news conference.

"But we expect that this contribution will catalyse additional resources from the private sector, carbon markets and other sources."