Business World Online
Posted on June 22, 2011 10:37:37 PM
IN A BID to spur the development of renewable energy resources, the Asian Development Bank (ADB) will set up venture capital funds and a regional center for "clean" power technologies.
The projects were announced at the start yesterday of the 6th Asia Clean Energy Forum in the ADB headquarters in Mandaluyong City. The forum ends tomorrow.
"We need business models and enabling policies for clean energy development. To support this kind of innovation, ADB launched the Asia Climate Change and Clean Energy Venture Capital Initiative. This will inject $60 million into three venture capital funds that will provide early-stage financing support for new climate technology products," said ADB President Haruhiko Kuroda in his speech.
Mr. Kuroda said the funds eventually "should leverage over $400 million from bilateral sources and institutional investors for promising start-ups."
ADB, the United Nations Environment Programme and the Global Environment Fund are also in talks on a regional center that "will address issues of deploying climate technologies...and attracting the...finance that would enable Asia and the Pacific to shift to sustainable [energy] infrastructure development," he added.
"We need business models and enabling policies for clean energy development. To support this kind of innovation, ADB launched the Asia Climate Change and Clean Energy Venture Capital Initiative. This will inject $60 million into three venture capital funds that will provide early-stage financing support for new climate technology products," said ADB President Haruhiko Kuroda in his speech.
Mr. Kuroda said the funds eventually "should leverage over $400 million from bilateral sources and institutional investors for promising start-ups."
ADB, the United Nations Environment Programme and the Global Environment Fund are also in talks on a regional center that "will address issues of deploying climate technologies...and attracting the...finance that would enable Asia and the Pacific to shift to sustainable [energy] infrastructure development," he added.
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