Finance
Billionaire Hohn-Backed Fund Seeks to Boost Clean Energy in Asia
- Pandemic curbing access to traditional finance for renewables
- Vietnam, Indonesia, the Philippines to be fund’s initial focus
Chris Hohn
Photographer: Heidi Gutman/CNBC/NBCU Photo Bank/NBCUniversal via Getty ImagesThis article is for subscribers only.
Philanthropic groups including billionaire Chris Hohn’s Children’s Investment Fund Foundation are backing a plan to support clean energy projects in Southeast Asia as access to traditional finance is squeezed by the pandemic-driven downturn.
The South East Asia Clean Energy Facility has won an initial investment of $10 million from the groups, which also include the Sea Change Foundation International, the Grantham Foundation, Bloomberg Philanthropies and others, and will seek to raise a further $40 million, according to a statement released Tuesday.