IDG Capital [IDGCAZ:CH] and Hong Kong-based public energy utility Towngas [0003:HK] announced the establishment of the Zero-Carbon Technology Investment Fund on January 24, as reported by Pandaily on the same day. With an expected total scale of RMB10bn (USD1.6bn), the fund would raise RMB5bn in the initial stage and use the proceeds in zero-carbon technology-involved areas, including solar energy, wind power, hydrogen, power battery, energy storage, and smart grid. Specifically, the fund would provide qualified innovative enterprises with capital support and Towngas’s expertise in the energy sector.

As the first public utility in Hong Kong, Towngas operates 3,000 kilometers (km) of pipelines covering 85% of Hong Kong households. The company has branched out in the Chinese Mainland with natural gas, renewable energy, and environmental businesses. As of now, the company has 40m residential, commercial, and industrial gas users in the Chinese mainland and hopes to convert them to solar power users, especially for the company’s commercial and industrial customers. Last year, Towngas signed contracts with more than 30 industrial parks in the Chinese mainland to supply them with solar energy. Towngas aims for 200 contracted parks by 2025. Statistically, China has around 2,600 national and provincial industrial parks, which account for 60% of the country’s annual carbon emissions.

Sources:

https://pandaily.com/idg-capital-and-hong-kongs-towngas-set-up-1-6-billion-zero-carbon-tech-fund/

https://mp.weixin.qq.com/s/WjP350cETNTqrivgQGWnQA

https://www.scmp.com/business/china-business/article/3163454/hong-kongs-first-carbon-focused-fund-eyes-investments