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Climate Adaptation Group Wins $10M Start-Up Pledge from NGP Energy Capital Management
Climate Adaptation Group Wins $10M Start-Up Pledge from NGP Energy Capital Management
Published 09-13-10
Submitted by Global Adaptation Institute
/PRNewswire/ - "Global Adaptation Institute," led by CEO Dr. Juan Jose Daboub, former Managing Director of the World Bank, announced that NGP Energy Capital Management, a leading natural resources investment firm, will be Founding Sponsor of the environmental non-profit focused on adaptation to climate change (global warming).
"That a premier industry player like NGP Energy Capital Management is so generously partnering with us on this vital climate issue sets a powerful example," Dr. Daboub declared, while announcing the $10M donation. "Private sector leadership is vital in achieving adaptation to climate change and other forces. In the critical areas of food/agriculture, water, energy and coastal protection, NGP is demonstrating that vulnerable populations should not have to wait for the Kyoto Protocol or other global treaties on carbon and greenhouse gases to save them."
Ken Hersh, CEO of NGP and Dallas-area philanthropist, noted, "Estimates are that adaptation to climate change, compounded by population growth, economic development and urbanization, may require US$6-$9 trillion in investment by mid-century. NGP is committed to the urgent mission of the Global Adaptation Institute, and Dr. Daboub's passion for helping the developing world, and his pragmatic focus on science, metrics and results, will assure success."
Mr. Hersh and Bob Edwards, a London-based Managing Director of NGP and former McKinsey consultant, have agreed to serve as initial members of the Institute's Board of Directors.
"Mr. Hersh and Mr. Edwards bring us extraordinary business vision," Dr. Daboub emphasized, "that we will leverage with the insights of the scientific experts and international statesmen who are also joining us."
Global Adaptation Institute, [www.GlobalAdaptationInstitute.com] based in Washington, D.C., will launch later this year. The NGO will enhance awareness of the urgency of adaptation to climate change/"global warming" and other forces, while directly funding projects in developing countries. CEO Dr. Juan Jose Daboub was second in command at the World Bank, overseeing operations in 110 countries. A former Finance Minister of El Salvador, he currently teaches at Princeton University.
NGP Energy Capital Management, [www.ngpenergycapital.com], founded in 1988 and based in Irving, Texas, is a $9.5 billion firm that invests in the natural resources sector through its investment vehicles: Natural Gas Partners and its related co-investment funds, NGP Capital Resources Company (Nasdaq: NGPC), NGP Energy Technology Partners, L.P., NGP Global Adaptation Partners, L.P. and NGP Midstream and Resources, L.P.
