Climate fund targets $2.5 billion in clean energy investment for SE Asia

Reuters KUALA LUMPUR (Thomson Reuters Foundation) - A new climate fund backed by philanthropic donors is aiming to trigger $2.5 billion of clean energy investment in Southeast Asia and aid the region’s green recovery after the coronavirus. The South East Asia Clean Energy Facility (SEACEF) is managed by Singapore-based Clime Capital, with an initial investment of $10 million and a focus on getting new projects underway in Vietnam, Indonesia and the Philippines. “We need to mobilise billions to make a meaningful impact on climate change,” said Mason Wallick, Clime Capital’s managing director, who sits on the SEACEF investment committee. Money is most needed to fill a gap in funding to help early-stage projects get off the ground, he added. Asia-Pacific, home to two-thirds of the world’s people, is experiencing rising urbanisation, population and economic growth, leaving nations scrambling to provide enough electric power while keeping promises to cut heat-trapping emissions. Last year, researchers said Southeast Asian countries must end their reliance on coal power and switch to clean energy, to meet pledges to curb climate change and tackle air pollution.