Allied Climate Partners Makes Inaugural Catalytic Investment, Anchors Seacef Ii First Close

credit: Zimbio

The World Bank is putting its money where its mouth is in an effort to fight climate change.

The bank has announced the first close of the Southeast Asia Clean Energy Fund II, a $235 million fund that will invest in renewable energy projects in Southeast Asia, the BBC reports.

"The lack of bankable, climate-related projects and businesses is a major barrier to accelerating the climate transition and green economic growth opportunity in Southeast Asia," says Allied Climate Partners CEO Ahmed Saeed.

The fund, managed by Clime Capital, is the "first blended investment fund in Southeast Asia to provide early-stage high-risk capital to support promising businesses accelerating the region's low-carbon transition," Mason Wallick, CEO of Clime Capital, says in a press release.

The World Bank says the fund will help the region "meet its commitments" to the Paris climate accord, which calls for a global reduction in carbon emissions to 2 degrees Celsius by the end of the century, from 2005 levels.

The fund will invest in 12 projects in Indonesia, Thailand, Malaysia, Singapore, and the Philippines.

Allied Climate Partners, a philanthropic investment organization, says it aims to " aggregate catalytic, first-loss capital for funds like SEACEF II that can make a real difference on environmental,

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