South Korea's NH Investment & Securities announced on Thursday that it was selected as the first Asian securities firm to manage the Climate Tech Fund under the Green Climate Fund (GCF), affiliated with the UN.
The GCF, established to support greenhouse gas reduction funding in developing countries, aims to expand participation in climate projects in five Southeast Asian countries (Vietnam, Indonesia, the Philippines, Cambodia, and Laos) through this program.
The fund managed by NH Investment & Securities will be worth $200 million.
NH Investment & Securities' Carbon Finance Division will identify companies to invest in, while the Singapore-based NH Absolute Return Partners will establish and manage the fund.