Private investment firm LeapFrog along with European Investment Bank (EIB) and Singapore's Temasek will invest $500 million to address climate change in Africa and emerging Asia.
LeapFrog invests in healthcare, financial services and climate solutions businesses in high-growth global markets.
LeapFrog’s climate strategy will focus on investments in companies that provide green tools and technologies that tackle this challenge for rising consumers, such as 2-wheeler EVs, rooftop solar providers, and smart farming businesses.
Its $500mln deployment is expected to support low-carbon and resilient growth as incomes rise in countries such as India, Indonesia and Kenya.
"Climate has no borders, and so neither should global capital markets, as we work to rapidly scale clean, efficient, affordable climate solutions for the five billion people in the emerging markets of South Asia, Southeast Asia and Africa,” Dr Andy Kuper, Founder and CEO, LeapFrog Investments, said.
According to a report on inclusive green growth released by LeapFrog on Thursday, South Asia, Southeast Asia, and Africa today represent 25% of global climate emissions but could account for as much as 73% of emissions by 2050 without urgent action.
Temasek and EIB’s support comes just four months after LeapFrog announced its $500m climate commitment at the US-UK Climate Mobilisation Forum.
(Reporting by Seban Scaria; editing by Daniel Luiz)