ADB Invests in Climate Change Technology Venture Capital Funds
23 May 2011: The Asian Development Bank (ADB) is investing $60 million to set up three climate change venture capital funds, primarily engaged in markets in China and India.
ADB is investing $20 million each into the three funds - Aloe Environment Fund III, Keytone Ventures II, and VenturEast Life Fund III. The funds will invest in early-stage technology companies that promote climatech strategies, which include climate change mitigation and adaptation or environmental protection. Robert van Zwieten, Director, ADB Private Sector Operations Department, noted the importance of ensuring that private sector money is available at a very early stage to develop low-carbon technologies.
ADB's investment comes in response to the 2007 Bali Action Plan, the Copenhagen Accord, and subsequent climate change agreements' identification of the key role of technology innovation and transfer in tackling climate change. ADB seeks to integrate climate change components into its investments in Asia. [ADB Press Release]