The Climate Innovation & Development Fund is taking home the award for impact initiative of the year in Asia, as judges praised its "catalytic impact at meaningful scale, addressing a critical global problem".

Managed by the Asian Development Bank, the vehicle was seeded with $25 million of grant capital from Goldman Sachs Gives and Bloomberg Philanthropies in late 2021.

Structured as a blended finance facility, the fund comprises different sources of both private and public capital. Targeting low-carbon technologies across South and Southeast Asia, the fund has to date invested in seven projects across clean energy systems, sustainable transportation, and energy efficiency, including the likes of a grid-scale energy storage project in Delhi and the first electric public bus fleet in Vietnam.

On average, CIDF reports it has unlocked more than 20 times the initial investment on average through its blended finance structure, helping to mobilise more than $500 million in total private and public sector investment.

Kara Mangone, head of sustainable finance group at Goldman Sachs, said: "We are thrilled that the Climate Innovation and Development Fund has received this award from Environmental Finance. Closing the finance gap in emerging markets will require a significant scaling up of both private and public sector capital."

She continued: "Leveraging an innovative blended finance structure and the expertise of multiple partners enabled us to drive a multiplier effect, helping to unlock capital flows into climate mitigation and adaptation across the global south. We are proud to have partnered with Bloomberg Philanthropies and the Asian Development Bank to help accelerate the clean energy transition in emerging markets."