The Asian Development Bank and its development partners agreed to put up initial funding for renewable energy and energy efficiency projects in Asia and the Pacific. The bank, along with the United Nations Environment Program, established the Seed Capital Assistance Facility, which is due to receive a USD4.2 million grant from the Global Environment Facility. The initiative aims to extend technical assistance to private equity fund managers and entrepreneurs, and boost their access to funding in the early phases of sustainable energy enterprises in the region. “By 2010, Asia is expected to account for nearly a third of global greenhouse gas emissions, so to slow that down, increases in investment in renewable energy, energy efficiency and other clean technologies are needed,” said ADB Private Sector Operations Department investment specialist Mu Shin Kim.
Source: ADB and its partners to provide seed capital for green energy projects (Xinhua)