As Simon Stiell proclaimed in the COP31 opening speech, electrification and finance would be at the hear of the summit (along with health). And hot on the heels of that speech Octopus has launched an investment fund to help place renewable energy into Asia.

The Octopus Asia Electrification Fund (OAEF) is aiming to catalyse $600m for clean energy projects and already has backing of $50m from Japanese investors. The fund forms the latest step in Octopus’ wider Asia renewables strategy, following investments in Japan and South Korea, with the first investment in Octali Energy of the Philippines for solar and battery projects.

The fund will focus on local green energy developers to help them build out large numbers of clean energy projects. For example, the investment in Octali will help develop 450MW of solar and 350MWh of battery storage and will aid a country where coal still makes up more than 60 per cent of the country’s electricity, while 98 per cent of its oil imports are from the Middle East.

As well as the Philippines, the fund will target opportunities in markets including Japan, South Korea, Singapore, Indonesia, Thailand, Malaysia and Vietnam. Alongside solar, onshore wind and storage, it will also explore microgrids, electric vehicle charging and other energy transition technology.

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