Tue, Dec 08, 2009 - Page 12 News List

ADB touts clean energy funding in Asia

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The Asian Development Bank (ADB), a lender to developing countries in Asia, plans to help raise more than US$2 billion in private equity and venture capital to boost clean-energy spending in the region, an official said.

The bank is evaluating a program to invest as much as US$100 million in venture capital funds to raise US$1 billion and is investing US$100 million in five private equity funds, which plan to finish raising US$1 billion by next year, said M. Shin Kim, an investment specialist at the ADB.

“ADB is trying to convince investors in the US and Europe to come and invest in Asian clean energy ventures,” Kim, who is developing these funds, said in an interview by phone and e-mail. “We are looking at a new initiative now in venture capital as the missing piece of the puzzle is early investors in Asia.”

The ADB plans to “channel” around US$700 million from two new investment funds focusing on clean technologies and carbon mitigation to member countries as part of a global US$6.1 billion initiative to help developing countries meet the cost of combating climate change, it said on Thursday.

The ADB is targeting annual investments of US$2 billion in clean energy projects by 2013 up from US$230 million in 2003.

The UN invited more than 190 countries to meet in Copenhagen for talks starting yesterday on a treaty to extend or replace the Kyoto Protocol, whose caps on greenhouse gases expire in 2012.

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