[REUTERS]
In accordance to its pledge at the UN Climate Change Conference in Cancun, the Overseas Private Investment Corporation (OPIC) has announced nearly $500 million in financing for five new renewable energy investment funds. This could ultimately lead to $1.5 billion in investments in the renewable energy sector in Southeast Asia and Africa.
This initiative will help manage the fast-growing economy of Southeast Asia and enhance the farming sector in Africa as well as supporting Feed the Future, the Obama Administration's global hunger and food security initiative. These new funds fulfill OPIC President Elizabeth Littlefield's pledge to scale-up climate finance in developing countries and "will provide much-needed capital to the frontier economies of South and Southeast Asia...and to the farming sectors of sub-Saharan Africa, which can benefit greatly from increased investment."
The five investment funds are as follows:
- Mekong Renewable Resources: OPIC has granted Indochina Capital Corporation a $50 million contribution for the $150 million fund. The fund will invest in renewable energy across lower Mekong counties of Vietnam, Laos and Cambodia. The fund will specifically target environmental services and infrastructure; renewable energy; and energy efficiency sectors specifically investing in carbon reduction or emission neutral projects.
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