ImpactAlpha, April 27 – An “innovation fund,” backed by both Bloomberg LP and Bloomberg Philanthropies, will help emerging-market project developers identify financing “from sovereign wealth funds to pension funds to private banks,” and work with the Asian Development Bank and other lenders to back projects for mass transit, green buildings and sustainable agriculture.
Renewable energy financing in emerging markets fell by almost a quarter last year (see, “Changing the climate for climate investments in emerging markets”). “The need is huge,” Mike Bloomberg and Goldman’s David Solomon said in announcing the partnership. India, for example, needs $500 billion in investment to meet its goal of adding 450 gigawatts of renewable energy by 2030.
