Establishment of the Climate Innovation and Development Fund
This paper outlines issues relating to the acceptance and administration of contributions to be received by ADB from Bloomberg Philanthropies and Goldman Sachs (the “Sponsors”).
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The Goldman Sachs Charitable Gift Fund is a nonprofit corporation that gives grants to a wide range of charitable projects.
In February 2022, the foundation committed a grant contribution of $12.5 million to the ADB-administered Climate Innovation and Development Fund. The fund was established in February 2022 to support innovative nonsovereign climate change projects in South Asia and Southeast Asia. It aims to support sustainable low-carbon economic development in developing countries in South Asia and Southeast Asia by increasing the pace, scale, and ambition of climate solutions and contributing to the clean energy transition.
Priorities
- Sustainable finance
- Transition finance
- Technology solutions
- Natural capital and biodiversity
Source:
Stories
Viet Nam
Video: Fighting Climate Change with New E-Buses
ADB, with development and blended finance partners including Bloomberg Philanthropies, is helping Viet Nam’s cities reduce traffic congestion, air pollution, and greenhouse gas emissions through the VinFast Electric Mobility Green Loan Project, cofinanced by Goldman Sachs through the Climate Innovation and Development Fund.
India
ADB, Greenway Sign Deal to Channel Carbon Finance for Enhancing Improved Cookstove Usage in Rural India
ADB and Greenway Grameen Infra Private Limited signed a $6.5 million senior secured loan to produce and distribute 1 million improved cookstoves to rural households in India’s Madhya Pradesh and Odisha states. The financing also includes a $3.3 million first-loss liquidity reserve from the Climate Innovation and Development Fund, with fund contribution from Goldman Sachs.
Viet Nam
ADB Invests in Ocean-Based Aquaculture in Viet Nam
ADB and Australis Holdings, Inc. signed a $15 million convertible note to promote climate-resilient, ocean-based barramundi and seaweed aquaculture in Viet Nam, cofinanced by Goldman Sachs through the Climate Innovation and Development Fund.
Knowledge
ADB and Goldman Sachs collaborated on several knowledge products and/or events, including the following:
Active Trust Funds
Active trust funds are those a) with ongoing projects; or b) with no active projects but have remaining funds.
Financing Commitments
Goldman Sachs contributes to ADB’s development initiatives through cofinancing.
5-YEARS
- Trust Funds Contribution $12.5 million