The facility, backed by European impact investors, will be used by QNB Leasing to provide finance for clean energy projects, micro and small companies and sustainable economic development.
The funding marks British International Investment’s first climate-directed debt facility in Vietnam, aimed at helping the country achieve net-zero emissions by 2050.
Existing investors include pension funds, Australia’s Clean Energy Finance Corporation, private banks and wealth managers. Plus, UK’s Smart Pension invests in Octopus Energy Generation.
Countries that are not committed to combating climate change are acting in violation of international law. That’s according to a ruling by the judges of the International Court of Justice in The Hague last week.
Malaysia’s largest sector pension fund KWAP is providing an initial investment of around €100m to the fund, which is seeking to raise capital from other institutional investors.