ADB to Invest 60 Million Dollars in VC Funds to Tackle Climate Change
Asian Development Bank (ADB) planned to invest 60 million dollars in three venture capital funds, namely
Asian Development Bank (ADB) on 23 May 2011 planned to invest 60 million dollars in three venture capital funds, namely Aloe Environment Fund III, Keytone Ventures II and Venture East Life Fund III to help companies tackle the impact of climate change. It also seeks to promote development of clean energy in India and China.
The three funds are to invest in new technology companies involved in climate change mitigation and environment protection. Mitigation costs are projected to be at 100 billion dollars each year by 2030. The adaptation costs for Asia-Pacific region are expected to touch 40 billion dollars a year between 2011 and 2050.