Climate fund targets $2.5 bln in clean energy investment for SE Asia
(Reuters, 29 Jun 2020) The new climate fund is aiming to aid the region's green recovery after the coronavirus pandemic
A new climate fund backed by philanthropic donors is aiming to trigger $2.5 billion of clean energy investment in Southeast Asia and aid the region's green recovery after the coronavirus.
The South East Asia Clean Energy Facility (SEACEF) is managed by Singapore-based Clime Capital, with an initial investment of $10 million and a focus on getting new projects underway in Vietnam, Indonesia and the Philippines.
"We need to mobilise billions to make a meaningful impact on climate change," said Mason Wallick, Clime Capital's managing director, who sits on the SEACEF investment committee.
Money is most needed to fill a gap in funding to help early-stage projects get off the ground, he added.
Asia-Pacific, home to two-thirds of the world's people, is experiencing rising urbanisation, population and economic growth, leaving nations scrambling to provide enough electric power while keeping promises to cut heat-trapping emissions.