The headquarters of the ADB (Source: Reuteurs) The funding, which was announced at the 26th Conference of the Parties(COP26) in Glasgow, the UK, includes 110 million GBP (151 million USD) from theUK Government, 132 million EUR (155 million USD) from Italian state lenderCassa Depositi e Prestiti (CDP), 50 million EUR from the European Union (EU),and 300 million USD from the Green Climate Fund.
The partnerships will be part of a new Green Recovery Platform to supportthe Association of Southeast Asian Nations (ASEAN) Catalytic Green FinanceFacility (ACGF), which was established by the ASEAN Infrastructure Fund and ismanaged by ADB.
“ASEAN countries have a unique opportunity to build a green and inclusivefuture after the COVID-19 pandemic,” said ADB President Masatsugu Asakawa, whoattended the launch event with ministers and senior officials from ASEAN andpartner countries. “The ASEAN Green Recovery Platform will help accelerate theflow of investments to support climate-resilient, environmentally sustainableinfrastructure projects in Southeast Asia and boost sustainable, equitabledevelopment.”
The new funding will add to the 1.4 billion USD in co-financing commitmentsalready pledged to the ACGF since 2019, bringing total pledges to the facilityto 2 billion USD. The original financing partners supporting ACGF include ADB,Agence Française de Développement (AFD), the European Investment Bank, theGerman state-owned development bank KfW, and the Government of the Republic ofKorea. Director General for International Partnerships at the EuropeanCommission Koen Doens, Executive Director of the Green Climate Fund YannickGlemarec, and AFD Chief Executive Officer Remy Riouxalso spoke at the launch.
“This year, the UK became ASEAN’s first new Dialogue Partner in 25 years.We’re now working together to build stronger economic and investmentrelationships and tackle climate change.” said UK Foreign Secretary ElizabethTruss. “The 110 million GBP of UK funding for the UK-ASEAN Catalytic GreenFinance Facility Trust Fund will help deliver clean, honest and reliable infrastructureinto countries that urgently need it, drawing on UK expertise on greentechnologies and creating jobs across the UK.”
The COVID-19 pandemic has had significant economic, health, and socialimpacts in Southeast Asia. The platform will provide financing and technicalassistance to reduce investment risks and catalyse public and private financingfor green infrastructure projects that create jobs and bolster growth. It willalso support the efforts of ASEAN developing member countries to reach theirclimate goals under the Paris Agreement and help them strengthen green capitalmarkets, such as by expanding the issuance of green and climate bonds.
The ASEAN Green Recovery Platform forms part of ADB’s commitment to raisingits ambition for 2019–2030 cumulative climate financing to 100 billion USD,while ensuring that at least 75 percent of projects will address climate changemitigation and adaptation by 2030.
ADB is committed to achieving a prosperous, inclusive, resilient, andsustainable Asia and the Pacific, while sustaining its efforts to eradicateextreme poverty. Established in 1966, it is owned by 68 members, including 49from the region./.
“ASEAN countries have a unique opportunity to build a green and inclusivefuture after the COVID-19 pandemic,” said ADB President Masatsugu Asakawa, whoattended the launch event with ministers and senior officials from ASEAN andpartner countries. “The ASEAN Green Recovery Platform will help accelerate theflow of investments to support climate-resilient, environmentally sustainableinfrastructure projects in Southeast Asia and boost sustainable, equitabledevelopment.”
The new funding will add to the 1.4 billion USD in co-financing commitmentsalready pledged to the ACGF since 2019, bringing total pledges to the facilityto 2 billion USD. The original financing partners supporting ACGF include ADB,Agence Française de Développement (AFD), the European Investment Bank, theGerman state-owned development bank KfW, and the Government of the Republic ofKorea. Director General for International Partnerships at the EuropeanCommission Koen Doens, Executive Director of the Green Climate Fund YannickGlemarec, and AFD Chief Executive Officer Remy Riouxalso spoke at the launch.
“This year, the UK became ASEAN’s first new Dialogue Partner in 25 years.We’re now working together to build stronger economic and investmentrelationships and tackle climate change.” said UK Foreign Secretary ElizabethTruss. “The 110 million GBP of UK funding for the UK-ASEAN Catalytic GreenFinance Facility Trust Fund will help deliver clean, honest and reliable infrastructureinto countries that urgently need it, drawing on UK expertise on greentechnologies and creating jobs across the UK.”
The COVID-19 pandemic has had significant economic, health, and socialimpacts in Southeast Asia. The platform will provide financing and technicalassistance to reduce investment risks and catalyse public and private financingfor green infrastructure projects that create jobs and bolster growth. It willalso support the efforts of ASEAN developing member countries to reach theirclimate goals under the Paris Agreement and help them strengthen green capitalmarkets, such as by expanding the issuance of green and climate bonds.
The ASEAN Green Recovery Platform forms part of ADB’s commitment to raisingits ambition for 2019–2030 cumulative climate financing to 100 billion USD,while ensuring that at least 75 percent of projects will address climate changemitigation and adaptation by 2030.
ADB is committed to achieving a prosperous, inclusive, resilient, andsustainable Asia and the Pacific, while sustaining its efforts to eradicateextreme poverty. Established in 1966, it is owned by 68 members, including 49from the region./.
VNA
