ADB invests $50 million in Actis Fund to accelerate clean energy transition in Asia and the Pacific
The Asian Development Bank (ADB) has committed $50 million to the Actis Asia Climate Transition Fund, which is managed by Actis, a global investor in sustainable infrastructure.
ADB said in a statement that this investment aims to speed up the transition to clean energy and tackle development challenges related to climate change impacts in Asia and the Pacific.
The fund will allocate its resources to companies involved in renewable energy, energy solutions, and sustainable transportation. Each investment in these companies will generally fall between $50 million and $200 million.
The ADB Director General for Private Sector Operations, Suzanne Gaboury, said, “Several Asian economies are vulnerable to rising sea levels, extreme weather events, and biodiversity losses.”
Read more: Southeast Asia’s green transition at risk due to drop in climate development finance, report says
She added, “ADB’s investment in the fund will help address these vulnerabilities by advancing efforts to build climate-resilient infrastructure and adopt climate-smart technologies in Asia and the Pacific.”
The companies that receive investments from the fund will receive support in developing Net-Zero plans that align with the Paris Agreement, ensuring they commit to a credible pathway for reducing emissions.
Read more: Renewable energy costs plummet in Asia Pacific, outpacing fossil fuels
Additionally, the bank’s investments focus on “gender lens investing“,” which aims to improve gender-inclusive practices within these companies.
The statement also added that the bank is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty.
CalPERS allocates nearly $10 billion to climate action...
-
The California Public Employees’ Retir...
- 05/07/2024
Eco-gamers launch online video game to target asset...
-
A team of eco-gamers known as Serious Pe...
- 01/07/2024
EU regulators push for revisions in landmark ESG...
-
Regulators overseeing the markets, banki...
- 19/06/2024
Related News
ERM, a sustainability consultancy company, announced that it has commenced offshore trials to test the key elements of its Dolphyn Hydrogen process. The trials mark […]
European Energy announced that it had acquired grid connection approvals for nearly 500 megawatts (MW) of solar and wind energy projects across Romania. The approvals […]
In its second-quarter update, Shell announced that it would incur an impairment charge of up to $2 billion following the sale of its Singapore refinery […]
The California Public Employees’ Retirement System (CalPERS) announced a commitment of almost $10 billion to advancing global efforts to transition to a low-carbon economy. This […]
The European Commission announced that it has approved a €10.82 billion French scheme to support offshore wind energy deployment. It aims to help foster a transition […]
ENGIE announced that it signed a 7-year Biotmethane Purchase Agreement (BPA) with BASF. According to the agreement, ENGIE will supply the chemicals company with 2.7 […]