New Service Aims to Speed Flow of Low-Carbon Technologies to Asia
LIMA, PERU, Dec. 5 (NsNewsWire) — A new service set up by the Asian Development Bank (ADB) aims to match buyers and sellers of low-carbon technologies to speed technology transfer to developing Asia.
“Asia is the tip of the spear as far as climate change impacts are concerned. We need to ensure a swifter flow of tested and up-and-coming low-carbon technologies to the region so that it can mitigate and adapt to the changing climate,” said Bindu N. Lohani, ADB Vice-President for Knowledge Management and Sustainable Development.
According to a ADB press release, the first-of-its-kind technology exchange was launched on the sidelines of the United Nations Framework Convention on Climate Change (COP20) meeting here.
The pilot service will initially focus on clean energy and energy efficiency technologies with the average transaction size expected to be $2 million-$5 million. Called IPEx Cleantech Asia, the exchange will broker technology transfers from developed countries to developing Asia and between developing Asian nations, as well as provide a platform for knowledge sharing.
The service will be run by a Singapore-based joint venture comprising DNVGL’s Clean Technology Center in Singapore, part of Norway-headquartered, global advisory firm DNVGL AS, and ReEx Capital Asia, a Singapore clean energy investment banking and consulting firm.
“We have already pulled together a consortium of partners to join our intellectual property technology transfer marketplace. We are committed to making a positive impact in developing Asia in line with the objectives of ADB through this pilot and beyond,” the two private sector firms said in a joint statement.
Developing Asia has an urgent need for country-specific technologies to help it to reduce carbon emissions from energy, industry, and agriculture, and to adapt to climate change impacts such as rising sea levels, more water salinity, and uncertain weather conditions. Many technologies, whether nascent or mature, are available in developed countries but developers struggle to connect with those who could best use them in developing countries.
ADB expects buyers of the technologies to include manufacturers, project developers and governments while sellers would likely be innovation design companies, university laboratories, and multinational firms selling intellectual property rights.
The new mechanism is co-funded by ADB, the Government of Japan, the Global Environment Facility, and Belgium-based VITO-Flemish Institute of Technological Research. Over time, the venture is expected to evolve into a full-fledged independent business.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members—48 from the region. In 2013, ADB assistance totaled $21.0 billion, including cofinancing of $6.6 billion.