London-based clean tech investment fund Climate Change Capital has announced it is to invest $732m in environmental projects in China over the next two to three years as it attempts to tap into arguably the fastest growing clean tech market in the world.
The company said yesterday that it will look at a range of different investment opportunities, including industrial waste management and clean technology firms.
Ka Keung Chan, managing director and head of China investments at the fund, said that the current financial crisis offers a great opportunity for the company to boost its presence in the region because assets are cheaper and company owners are increasingly desperate for capital.
"There are a lot of cheap assets lying out there," he told Reuters. "If you see the right company, this is the best time to negotiate."
His comments echo those of Climate Change Capital founder James Cameron, who wrote last month that the global financial crisis should be seen as an opportunity to tackle climate change, rather than an obstacle.
"Out of necessity comes opportunity," he said. "We now have a chance to rethink our relationship with money, to realise that it matters how we create wealth as well as how much of it we create."
The announcement represents a ringing endorsement of the Chinese clean tech sector, which despite its growing influence as a major player in the renewable energy industry remains a relatively untouched market for clean tech venture capitalists. According to recent figures, venture capital invested just $111m in Chinese clean tech firms in the year to October 2008, compared with $1.7bn in the US.
Experts predict end to fossil fuel subsidies would cut emissions 12 per cent by 2050, while aiding development efforts 25 Sep 2009
Bank issues unequivocal call for rich nations to dramatically increase climate change funding for developing countries 16 Sep 2009
Cameron presents pre-election energy policy, promising greater investment certainty for low-carbon projects, green loans for households, and streamlining of planning system 19 Mar 2010
Joint statement from carbon exchange and Hungarian government aims to restore confidence in CER market 19 Mar 2010
From climate change contrarians to the "KitKatastrophe" of Nestle's palm oil policy, we look at the best the green web has to offer this week 19 Mar 2010
From the government's plans for a marine energy revolution to John Lewis' proposals for an off-grid supermarket 19 Mar 2010








