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MANILA, Aug.4, Xinhua - The Asian Development Bank (ADB) and two private firms on Monday rolled out a joint venture that will undertake commercially-oriented private equity investments in climate-related transactions across Asia.

The Manila-based lender joined forces with ORIX Corporation and Robeco Institutional Asset Management B.V. to form the joint venture dubbed as Asia Climate Partners (ACP). ACP will have initial capitalization of 400 million U.S. dollars and will be based in China's Hong Kong.  

ACP will invest in renewable energy, clean technology, natural resource efficiency, water, agriculture, forestry and other climate-friendly companies and transactions "that are structured to generate market-driven, risk-adjust returns and have a positive environmental social impact."  

ADB said Asia's economies are among the fastest growing in the world, and are faced by some of its most significant environmental challenges including poor air and water quality and lack of energy supply.  

It said investments in renewable energy and resource efficiency has the potential to grow at two to three times economic growth in Asia over the next several decades.

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