New Climate Innovation Fund to promote clean energy:  Bloomberg Philanthropies and Goldman Sachs have pledged $25 million (£18.3 million) to a new fund aimed at advancing clean energy solutions in South and Southeast Asia.

The Asian Development Bank’s (ADB) Climate Innovation Fund is believed to have the potential to generate up to $500 million (£366 million) in private and public sector investments.

It would first fund initiatives with “direct, demonstrable beneficial climate-related outcomes” in India and Vietnam’s most carbon-intensive areas, with investments concentrating on renewable energy systems, sustainable transportation, energy efficiency, and adaptation efforts.

According to Bloomberg New Energy Finance, South and Southeast Asia are key markets for clean energy development as it reduces the cost of generating electricity from wind and solar power and improves the economics of energy storage.

India has installed 38.7 GW of wind and solar capacity over the past four years, and the market is expected to grow to 17 GW per year of coal by 2025. and continue to support the development of coal-fired power plants.

However, it adds that South and Southeast Asian countries are also home to extensive coal reserves and continue to support the development of coal-fired power plants.

“As we work to rebuild economies devastated by the pandemic, we have the opportunity to make progress on another deadly crisis we are facing – climate change. By investing in solutions that will create jobs and spur economic growth now, we can also make economies more resilient for generations to come.” said Michael R. Bloomberg, Founder of Bloomberg LP and Bloomberg Philantropies

“India and Vietnam are dynamic and growing markets, and both have the potential to lead the way in the global fight against climate change. This fund will give them access to the capital and direct investment they need to do just that and I’m looking forward to working with our partners at Goldman Sachs and the Asian Development Bank as we expand our efforts in the region and help other countries do the same.”

New Climate Innovation Fund to promote clean energy

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