CLIMATE TRANSITION The Climate Innovation and Development Fund With Bloomberg Philanthropies and the Asian Development Bank (ADB) Last April, we announced the Bloomberg Philanthropies and Goldman Sachs Climate Finance partnership in an effort to drive more capital and develop tools that equip investors to accelerate climate transition and address the needs in emerging markets, such as Asia. Together with the ADB, we launched the Climate Innovation and Development Fund to deploy capital and catalyze investment in clean energy projects across South and Southeast Asia, with a special focus on India and Vietnam. Structured as a blended financing facility, the fund is seeded with $25 million of grant capital and has the potential to unlock up to $500 million in private-sector and governmental investments in critical solutions to accelerate technologies and markets for a net zero future. Managed by the ADB, the fund will target projects with direct, measurable, and positive climate-related outcomes, including clean energy systems, sustainable transportation, and energy efficiency. “India and Vietnam are dynamic and growing markets, and both have the potential to lead the way in the global fight against climate change. This fund will give them access to the capital and direct investment they need to do just that, and I’m looking forward to working with our partners at Goldman Sachs and the Asian Development Bank as we expand our efforts in the region and help other countries do the same.” MICHAEL R. BLOOMBERG Founder, Bloomberg LP and Bloomberg Philanthropies Sustainability Report 2021 Climate Transition | Closing the Gap Through Partnerships 3838