BRITISH International Investment (BII), the United Kingdom’s development finance institution, says it will invest and mobilize $1.6 billion for climate projects in Southeast Asia over the next five years.
BII will provide half the amount and raise the rest from private investors to help countries including the Philippines, Vietnam, Indonesia, Malaysia and Thailand shift from fossil fuels to renewable energy.
A significant share will be invested through British Climate Partners, an initiative established earlier this year to support fast-growing Asian economies with high carbon emissions.
The investments will cover renewable energy, power transmission, electric vehicle infrastructure, waste management and water infrastructure.
The five-year strategy aims to add 1.8 gigawatts of clean energy capacity and prevent nearly 1.7 million tons of carbon emissions.
BII had previously committed nearly $400 million to climate financing in the region from 2023 to 2025. Its investments included renewable energy companies, financial institutions and funds supporting the energy transition.
Those investments supported about 358 megawatts of clean energy capacity, generated more than 556,000 MW-hours of renewable electricity, and prevented approximately 368,000 tons of carbon emissions. They also supported more than 2,000 jobs, including temporary construction work.
“We are committed to powering economic growth in the region while driving emissions down and delivering a return for the UK taxpayer,” BII CEO Leslie Maasdorp said.
Srini Nagarajan, BII managing director and head of Asia, said the larger commitment would expand investment opportunities and accelerate the region’s shift to cleaner energy.
