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Asian Development Bank to invest $60 Million in VC Funds
By siliconindia
New Delhi: Asian Development Bank based in Manila, Philippines, plans to invest $60 million in three different venture capital funds to help companies to face the impact of climate change and promote development of clean energy in India and China, reports The Hindu.
Philip Erquiaga, Director General, ADB's private sector operations department, said that Asia is going to be one of the major victim of climate change in the coming decades and investing in these venture capital funds will help to invest into innovative and affordable technologies that tackles the challenges of climate change. These channels will be suitable for the development of Asia.
An investment of $20 million will be made in three different venture capital funds, namely Aloe Environment Fund III, Keytone Ventures II and VentrueEast Life Fund III, by ADB. The three funds will pull an additional $600-700 million by way of private sector investment. These funds will invest in new technology companies engaged in climate change mitigation and adaptation or environment protection, the cost of which is projected to be at over $100 billion each year by 2030.