NEW YORK –News Direct – Bloomberg
NEW YORK, September 22, 2021 / 3BL Media / – Today Bloomberg Philanthropies and Goldman Sachs announced the launch of the Climate innovation fund Support sustainable low-carbon economic development with a focus on South and Southeast Asia to increase the pace, scale and ambition of climate solutions and contribute to the clean energy transition.
The Fund’s US $ 25 million initial funding from Bloomberg Philanthropies and Goldman Sachs, to be managed by the Asian Development Bank (AfDB), has the potential to unlock up to US $ 500 million in sector investments private sector and government in essential solutions to accelerate technologies and markets for a net zero future.
The Fund will initially tackle projects with direct and measurable positive climate-related outcomes in the most carbon-intensive regions of India and Vietnam. Investments will focus on projects in clean energy systems, sustainable transport, energy efficiency and adaptation activities to improve the climate resilience of livelihoods and infrastructure.
“As we work to rebuild the economies devastated by the pandemic, we have the opportunity to move forward on another deadly crisis we face: climate change. By investing in solutions that will create jobs and drive economic growth now, we can also make economies more resilient for generations to come ”, said Michael R. Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropies. “India and Vietnam are dynamic and growing markets, and both have the potential to lead the way in the global fight against climate change. This fund will give them access to the capital and direct investment they need to do just that, and I look forward to working with our partners at Goldman Sachs and the Asian Development Bank as we expand our efforts in the region and let’s help other countries do the same. “
“It is imperative that venture capital supports new technologies and low-carbon solutions that help us build a more sustainable future,” said David Solomon, Chairman and CEO of Goldman Sachs. “The Climate Innovation Fund will serve to catalyze investments in new low-carbon technologies in underinvested sectors of the global economy. We are proud to work alongside Bloomberg Philanthropies and the Asian Development Bank on this important initiative. “
“The AfDB plans to significantly increase its investments to combat the adverse effects of climate change”, said Masatsugu Asakawa, president of the Asian Development Bank. “The planned Climate Innovation Fund will help the AfDB meet the demands of developing countries in the region for innovative technical and financial solutions to boost both mitigation and adaptation.
According to BloombergNEF (BNEF), South and Southeast Asia are key markets for the development of clean energy, due to falling costs of producing wind and solar power and improving the economics of energy storage. India, for example, has installed 38.7 gigawatts of wind and solar capacity over the past four years and the market is expected to reach 17 gigawatts per year by 2025. However, countries in these regions are also home to significant coal reserves and continue to support the development of coal-fired power generation.
About Bloomberg on Climate
Led by Michael R. Bloomberg, global climate champion and special envoy to the UN Secretary-General, Bloomberg is tackling the climate crisis from all angles.
Bloomberg Philanthropies is at the forefront of US and global efforts to fight climate change and protect the environment from a wide range of issues. Bringing together mayors and other government and business leaders, local partners and environmental advocates, Bloomberg Philanthropies implements bold programs that tackle the climate crisis and help build a more sustainable, resilient and fair. Its efforts are accelerating the transition from coal to clean energy, improving air quality and public health, advancing city climate action, protecting and preserving ocean ecosystems, and helping to unlock billions of dollars in sustainable funding. .
Bloomberg LP provides the global financial community with information, news and data-driven analysis to help them integrate an ESG lens throughout the investment process. As a company, Bloomberg LP is also leading by example, including committing to reduce carbon emissions by 2025 and taking action in the communities where its employees live and work. And through Bloomberg’s management of the Climate-Related Financial Disclosures Task Force and the Climate Finance Leadership Initiative, Bloomberg is using the power of capital markets to tackle climate change and support the transition to a net-zero economy.
About Bloomberg Philanthropies
Bloomberg Philanthropies invests in 810 cities and 170 countries around the world to ensure better and longer lives for as many people as possible. The organization focuses on five key areas to create lasting change: the arts, education, the environment, government innovation and public health. Bloomberg Philanthropies encompasses all of Michael R. Bloomberg’s donations, including his foundation, corporate and personal philanthropy, and Bloomberg Associates, a volunteer consulting firm that works in cities around the world. In 2020, Bloomberg Philanthropies distributed $ 1.6 billion. For more information, please visit bloomberg.org or follow us on Facebook, Instagram, YouTube and Twitter.
About Goldman Sachs
Goldman Sachs has committed to deploying $ 750 billion in sustainable financing, investing and advisory activities by the start of 2030. The company achieved $ 156 billion of such business activity in 2020, his first full year of follow-up to this commitment. Founded on two pillars of climate transition and inclusive growth, Goldman Sachs seeks to advance financial opportunities and a more sustainable economy that works for all. Goldman Sachs efforts include a cross-cutting focus on economic empowerment and investing in underserved communities to foster more inclusive and sustainable growth. The company places sustainability at the heart of how it runs its business, deepens the integration of environmental and climate considerations into business decisions and practices, and strives to improve the state of climate data. Goldman Sachs has a long and established track record of leadership in sustainable finance, creating tools, solutions and products for clients while integrating sustainability efforts company-wide. Additionally, Goldman Sachs is targeting net GHG emissions across its operations and supply chain by 2030 and aligning its financing activities on a net zero transition path by 2050.
About the Asian Development Bank
The Asian Development Bank is committed to achieving a prosperous, inclusive, resilient and sustainable Asia and the Pacific, while continuing its efforts to eradicate extreme poverty. Founded in 1966, it is owned by 68 members, including 49 from the region.
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See the source version on newsdirect.com: https://newsdirect.com/news/bloomberg-philanthropies-and-goldman-sachs-deploy-25-million-to-advance-clean-energy-solutions-in-south-and – Southeast Asia-247282455