UK finance institution British International Investment (BII) has revealed plans to make an investment worth US$15 million in a fund that looks at developing energy transition infrastructure for Southeast Asia.
BII has set sights on investing up to £500 million ($622.3 million) in climate finance in Southeast Asia. It aims to achieve 30% of cumulative new commitments to climate finance, as shared by the U.K. embassy.
Investments will be made across energy transition in renewable energy, energy efficiency, and energy storage projects. The fund will accelerate global climate mitigation goals and finance clean energy solutions, including disadvantaged areas.
Southeast Asia is committed to its renewable energy goals. Countries like Vietnam and Indonesia, have shared net zero emission goals and carbon neutral targets.
Such sustainability-related goals necessitate at least $200 billion of energy sector investment by decade end, and the BII investment will play a crucial role in turning them into a reality.