ISLAMABAD: The Asian Development Bank has set up a new service to match buyers and sellers of low-carbon technologies to speed technology transfer to developing Asia.
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, said ADB statement received here Friday.
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.
According to the 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, the statement added.