Tuesday 6 August 2024

Asia secures $100m for carbon reduction

Investment business M&G has committed $100 million (£78 million) to the climate investment company responsAbility's carbon reduction efforts in Asia.

The funds will help set up climate-friendly technologies and infrastructure in the continent which will save up to 16 million tonnes of carbon dioxide - the equivalent of running 4 coal power plants continuously for a year.

The funding aims to increase electric vehicle charging projects across India, renewable energy projects for large commercial and industrial companies in Vietnam and wastewater treatment projects across Asia.

Ciaran Mulligan, Chief Investment Officer of Investment Management and Oversight at M&G said: 'We are proud to invest in responsAbility's climate investment strategy for Asia.

'Not only do emerging markets offer the potential to provide excellent returns, this substantial investment reflects our commitment to fostering sustainable development and economic growth in regions that are most vulnerable to the impacts of climate change.'

Asia is currently the largest global emitter of greenhouse gases, whose carbon output accounts for more than 50% of global carbon dioxide emissions.