Renewable And Clean Energy projects received a boost when the Asian Development Bank announced a US $1 Billion investment fund to boost production of cleaner energy in Asia.

Along with Britain's DFID and the International Finance Corporation, the lender based in Manilla would roll out the new fund early next year reported Dow Jones earlier today.

The fund would look to invest directly in renewable and clean energy projects as well through private equity funds focused on clean energy.

"The structure of the fund is still being worked out but we would hope that we can launch it early next year. The size should be at least one billion US dollars," said Shin Kim, head of private equity at ADB's private sector operations department.

"We feel it's critical to mobilise large-scale funds that can be put quickly and effectively to work through both the public and private sector to combat the effects of climate change and ensure sustainable growth in Asia," Kim said.