ADB okays $5-M equity investment for clean energy

The Asian Development Bank (ADB) has approved a $5-million equity investment in Southeast Asia-based startups that build renewable and other clean energy infrastructure to mitigate climate change.

The ADB said this is part of its Southeast Asia Clean Energy Fund II for companies in the Philippines, Vietnam, and Indonesia.

On a regional scale, ADB set the fund’s total amount at $175 million.

Highlights need to support

“The investment highlights the need to support private sector development and prioritize building climate-resilient infrastructure and climate-smart technologies,” ADB said.

According to the ADB, the fund also helps companies to provide more jobs to women which also means freedom to choose where they want to live or work.

The Intergovernmental Panel on Climate Change said drought could worsen by five to 20 percent in Southeast Asian countries if climate action is delayed.

In this case, the panel said the countries could see an economic loss of over $97.3 billion within a decade.