Regional: Establishing a Pilot Center to Facilitate Climate Technology Investments in Asia and the Pacific-Promotion of Investment in Climate Technology Products through Venture Capital Funds (Subproject 1)

Sovereign Project | 45134-004

Summary

The TA subproject is under the cluster regional CDTA Establishing a Pilot Center to Facilitate Climate Technology Investments in Asia and the Pacific. It is one of the two components of ADB's Asia Climate Change and Clean Energy Venture Capital (AC3E VC) Initiative and will be implemented as part of the Initiative. The Initiative seeks to accelerate innovation, transfer and diffusion of low-carbon and climate change adaptation technologies by providing early stage support that will help new technology products become more competitive and affordable to the large consumer base in developing Asia. The equity component of $60 million, which was approved by the Board on 20 May 2011, is expected to leverage more than $200 million from other investors. The subproject will complement the equity component through the provision of technical advisory support to selected venture capital (VC) funds.

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Project Name Establishing a Pilot Center to Facilitate Climate Technology Investments in Asia and the Pacific-Promotion of Investment in Climate Technology Products through Venture Capital Funds (Subproject 1)
Project Number 45134-004
Country Regional
Project Status Approved
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 8018-REG: Establishing a Pilot Center to Facilitate Climate Technology Investments in Asia and the Pacific - Promotion of Investment in Climate Technology Products through Venture Capital Funds (Subproject 1)
Technical Assistance Special Fund US$ 842,000.00
Climate Change Fund US$ 950,000.00
Clean Energy Facility - Asian Clean Energy Fund US$ 1.50 million
TA 8018-REG: Establishing a Pilot Center to Facilitate Climate Technology Investments in Asia and the Pacific-Promotion of Investment in Climate Technology Products through Venture Capital Funds (Subproject 1)(2nd Supplementary)
Technical Assistance Special Fund US$ 500,000.00
Strategic Agendas Environmentally sustainable growth
Inclusive economic growth
Drivers of Change Private sector development
Sector / Subsector Agriculture, natural resources and rural development - Agricultural production - Irrigation - Land-based natural resources management
Energy - Energy efficiency and conservation
Finance - Infrastructure finance and investment funds
Health - Health system development
Transport - Urban public transport
Water and other urban infrastructure and services - Urban solid waste management - Urban water supply
Gender Equity and Mainstreaming
Description The TA subproject is under the cluster regional CDTA Establishing a Pilot Center to Facilitate Climate Technology Investments in Asia and the Pacific. It is one of the two components of ADB's Asia Climate Change and Clean Energy Venture Capital (AC3E VC) Initiative and will be implemented as part of the Initiative. The Initiative seeks to accelerate innovation, transfer and diffusion of low-carbon and climate change adaptation technologies by providing early stage support that will help new technology products become more competitive and affordable to the large consumer base in developing Asia. The equity component of $60 million, which was approved by the Board on 20 May 2011, is expected to leverage more than $200 million from other investors. The subproject will complement the equity component through the provision of technical advisory support to selected venture capital (VC) funds.
Project Rationale and Linkage to Country/Regional Strategy The objective of the complementary technical assistance component is to broaden and better target the technology reach of venture investments in developing member countries (DMCs) through identification of promising emerging technologies and potential investee start-up companies, and through technology assessments of fund managers' proposals. The expert advice provided through this knowledge component will also lower the technology risk of the VC fund investments.
Impact Increased availability of affordable climate mitigation and adaptation technologies on the market in Asia
Project Outcome
Description of Outcome Increased investments by selected early stage investment funds in technologies that address climate mitigation and adaptation
Progress Toward Outcome
Implementation Progress
Description of Project Outputs

Overall management and coordination of services to venture capital and private equity fund managers

Identification of technology opportunities across sectors

Identification of a pipeline of candidate climatech projects and investee companies

Technology assessments of proposals from fund managers

Monitoring of technology aspects of investments made by fund managers

Support to emerging venture capital and private equity funds in frontier markets

Status of Implementation Progress (Outputs, Activities, and Issues)
Geographical Location
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design

As part of the market research for ADB's Asia Climate Change and Clean Energy Venture Capital Initiative, interviews with over 50 venture capital firms and over 10 investors were conducted in Australia, PRC, India, Japan, Singapore, South Korea, and United States. In addition, three luncheon meetings were organized in Mumbai, Seoul, and Beijing where over 80 fund managers participated.

With respect to the TA component of the Initiative, most venture capital fund managers, especially generic venture capital funds indicated that the value-added services to be provided through the Initiative's grant program will facilitate their entry or expansion to climatech industry.

During Project Implementation The TA will conduct seminars and share reports with stakeholders including potential local managers for climatech venture capital funds and interested international partners.
Business Opportunities
Consulting Services The TA will require inputs estimated at 271 person-months from international consultants and 89 person-months from national consultants. Consulting firms will be engaged to establish a global anchor team and regional teams that will provide advisory assistance to selected venture capital fund managers.
Responsible ADB Officer Aiming Zhou
Responsible ADB Department SDCC
Responsible ADB Division SDCD
Executing Agencies
Asian Development Bank6 ADB Avenue, Mandaluyong
Metro Manila, Philippines
P.O. Box 789, 1099 Manila,
Philippines
Timetable
Concept Clearance -
Fact Finding -
MRM -
Approval 20 Dec 2011
Last Review Mission -
Last PDS Update 18 Mar 2014

TA 8018-REG

Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
2,292,000.00 1,500,000.00 0.00 0.00 0.00 0.00 3,792,000.00 - 0.00

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