The funds contribute to the planned $7-billion financing for low-carbon and climate-resilient infrastructure projects in the region, ADB said in a press release
Asian Development Bank (ADB) partners have pledged $665 million to support climate-resilient infrastructure projects in Southeast Asia.
The funds contribute to the planned $7-billion financing for low-carbon and climate-resilient infrastructure projects in the region, ADB said in a press release on Tuesday.
The funding announced at the 26th United Nations Climate Change Conference in Glasgow, Scotland include $151 million from the government of the United Kingdom and $155 million from Italian state lender Cassa Depositi e Prestiti.
This year, the UK became ASEAN’s first new Dialogue Partner in 25 years. We’re now working together to build stronger economic and investment relationships and tackle climate change, said UK Foreign Secretary Elizabeth Truss.
Another $300 million will be financed through the Green Climate Fund along with an estimated $58 million from the European Union (EU).
The partnerships will be part of a new green recovery platform supporting the Association of Southeast Asian Nations (ASEAN) catalytic green finance facility put up by the ASEAN Infrastructure Fund and managed by ADB.
The new funding will add to $1.4 billion in co-financing commitments pledged to the facility since 2019, bringing the total to over $2 billion.
The original financing partners supporting ACGF include ADB, Agence Française de Développement (AFD), the European Investment Bank, the German state-owned development bank KfW, and the Government of the Republic of Korea.
ASEAN countries have a unique opportunity to build a green and inclusive future after the COVID-19 pandemic, said ADB President Masatsugu Asakawa, who attended the launch event with ministers and senior officials from ASEAN and partner countries.
The ASEAN Green Recovery Platform will help accelerate the flow of investments to support climate-resilient, environmentally sustainable infrastructure projects in Southeast Asia and boost sustainable, equitable development, he added.