Bloomberg Philanthropies and Goldman Sachs Catalyse ~$500 Million of Investment in the ...

credit: Wikipedia

"The clean energy transition will not succeed without faster mobilization of private capital," Masatsugu Asakawa tells Fast Company.

That's why the Asian Development Bank and Bloomberg Philanthropies have teamed up to create the Climate Innovation and Development Fund, a $25 million fund that has already pumped $500 million into seven clean-energy projects in South and Southeast Asia.

"This is clear evidence that blended finance facilities can have a major impact and that the public and private sector must continue working together to support sustainable development in emerging markets," David Solomon, chairman and CEO of Goldman Sachs, says in a press release.

The goal of the fund is to reduce carbon emissions that contribute to climate change and boost economic growth in countries that are lagging behind in the transition to a low-carbon economy.

The CIDF is managed by the Asian Development Bank, and the press release notes that public and private funds add up to more than 20 times the initial capital needed for such projects, which Bloomberg notes would not have been possible without the fund.

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