ADB invests $60 million in cleantech funds
The Asian Development Bank (ADB) will launch three venture capital funds targeting investments into cleantech developments, committing $20 million apiece to Aloe Environment Fund III, Keytone Ventures II and VenturEast Life Fund III for total of $60 million.
The three funds' targets are early-stage technology companies in China and India that address climate change mitigation and the environmental protection, also known as climatech, ADB announced. Philip Erquiaga, Director General of ADB's Private Sector Operations Department, said a statement that, "Climate change will hit Asia hard in coming decades. Investing in these venture capital funds will help channel finance into innovative and affordable technologies that tackle the challenge of climate change in ways that are suited to developing Asia."
ADB anticipates that private-sector investors will contribute an additional $600-$700 million into the funds.
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