Green Economy Fund is being set up under the UN’s newly formed Social Impact Fund
ERNEST.KAO@SCMP.COM
PUBLISHED : Sunday, 17 January, 2016, 8:43pm
UPDATED : Sunday, 17 January, 2016, 8:43pm
World Green Organisation president Albert Oung. Photo: SCMP Pictures
A project under the auspices of the United Nations will be launched in Hong Kong today to invest in commercially-viable businesses that generate a positive social impact across Asia.
The Green Economy Fund is being set up under the UN’s newly formed Social Impact Fund (UNSIF), which was launched last year as a platform to pool development assistance and equity funds to support social enterprises that “create and scale” environmental, social and sustainable returns.
World Green Organisation president Albert Oung, whose Green Capital Group is one of the managers of the Green Economy Fund, said many social enterprises lacked both size, scale and funding for their businesses to work commercially.
“The objective is to create commercially-viable models for social enterprises to have a bigger and more meaningful social impact,” Oung said. He said key areas ripe for funding assistance included waste management and recovery, as well as green hotels.
The scope of financing would not be limited to Hong Kong but also cover developing economies such as Myanmar, which is of special interest, and Cambodia, as well as the mainland, said Oung. He said the aim was to pool US$200 million.
Other organisations involved with the Green Economy Fund include the Hong Kong Myanmar Chamber of Commerce, which Oung also heads, and RED Group.
Oung said representatives of UNSIF would have seats on the fund’s board and investment committee for maximum transparency. No funding would come directly from the UN.
“It is important that such business models can also be replicated and exported to other countries,” said Oung.
A memorandum of understanding will be signed today between the fund’s partners and UNSIF. Established last year, UNSIF was developed as an “intermediary investment platform”. It involves the UN’s Development Programme, Environment Programme, Population Fund and Capital Development Fund as well as various public and private sector bodies.
http://m.scmp.com/news/hong-kong/education-community/article/1902193/hong-kong-host-launch-un-fund-support-asian
