The financial services company Goldman Sachs and Bloomberg Philanthropies Deploys $25 Million to Advance Clean Energy Solutions and support sustainable low-carbon economic development with a focus on South and Southeast Asia to increase the pace, scale, and ambition of climate solutions and contribute to the clean energy transition.
The Chairman and Chief Executive Officer of Goldman Sachs, David Solomon, said:
“It’s imperative for risk capital to support new technologies and low-carbon solutions that help us to build a more sustainable future,”
“The Climate Innovation Fund will serve to catalyze investment in new, low-carbon technologies in under-invested parts of the global economy. We are proud to be working alongside Bloomberg Philanthropies and the Asian Development Bank on this important initiative.”
Due to lower generation costs of wind and solar power, South and Southeast Asia will be the key markets for clean energy development which will in-turn improve economics of energy storage. The country India, for instance, has installed around 38.7 gigawatts of wind and solar capacity in the past four years and the market is expected to grow to 17 gigawatts per year by 2025. However, nations in these regions are also home to extensive coal reserves and continue to support development of coal-fired power generation.
