MANILA - The Asian Development Bank on Tuesday said it has signed a $50 million commitment to Actis Asia Climate Transition Fund to help accelerate the clean energy transition and address development challenges arising from climate change impacts in Asia and the Pacific.

The infrastructure fund, managed by Actis, a global sustainable infrastructure investor, will invest in renewable energy, energy solutions, and sustainable transportation companies.

Investee companies will be helped to create net-zero plans that align with the Paris Agreement and commit to a credible pathway to reduce emissions, the ADB said

"Several Asian economies are vulnerable to rising sea levels, extreme weather events, and biodiversity losses," ADB Director General for Private Sector Operations Suzanne Gaboury said.

ALSO READ: ADB: Developing Asia, Pacific unprepared for aging population

She added the ADB's investment in the fund will help address these vulnerabilities by advancing efforts to build climate-resilient infrastructure and adopt climate-smart technologies in Asia and the Pacific.

Investee companies will be helped to create net-zero plans that align with the Paris Agreement and commit to a credible pathway to reduce emissions, the ADB said.