MANILA, Philippines - The Asian Development Bank (ADB) has approved a US$300-M loan to finance energy efficient electric tricycles, or E-Trikes, in the Philippines.

In a statement on Tuesday, December 11, the ADB said the project seeks to replace 100,000 gasoline-burning tricycles with E-Trikes. These will be introduced in Metro Manila and other urban centers across the Philippines under a lease-to-own arrangement. The project is expected to be completed by 2017.

Replacing gasoline-powered trikes will result in savings of more than $100 million per year in fuel imports and cut the annual carbon dioxide emissions in the country by 260,000 tons, according to the ADB.

Philippines: Green Transportation Revolution

Energy Undersecretary Loreta G. Ayson said the project is also expected to create up to 10,000 jobs within the 5-year period of the project's implementation.

Aside from this, ADB said it is also administering another $105-M loan and grant from the Clean Technology Fund for other Philippine environmental-focused projects. The Philippine government is providing $99 million in counterpart funding for the project.

Without intervention, the Philippines is anticipated to almost quadruple CO2 emissions in less than 25 years. Based on an ADB study, gasoline-fuelled tricycles are responsible for more than two-thirds of all air pollution generated by the country’s entire transport sector. - Rappler.com