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COP26: EU supports green economic recovery in ASEAN

Director-General for International Partnerships at the European Commission Koen Doens has highlighted the crucial role of programmes such as the ASEAN Catalytic Green Finance Facility (ACGF) in supporting green recovery in Southeast Asia.
COP26: EU supports green economic recovery in ASEAN ảnh 1Illustrative image (Photo: https://www.adb.org/)

Jakarta (VNA) – Director-General for International Partnerships at the EuropeanCommission Koen Doens has highlighted the crucial role of programmes such asthe ASEAN Catalytic Green Finance Facility (ACGF) in supporting green recoveryin Southeast Asia.

According to the Delegation of the European Union (EU) to ASEAN, Doens stated thisat the 26th United Nations Climate Change Conference of theParties (COP26) in Glasgow, the UK on November 2.

He said the ACGF, which was established by the ASEAN Infrastructure Fund andmanaged by the Asian Development Bank (ADB), will receive a contribution worth50 million EUR (over 57.9 million USD) from the EU.

With pledges from the European Investment Bank (EIB), Germany’s Kreditanstaltfür Wiederaufbau (KfW), the Agence Française de Développement (AFD), and theItalian state lender Cassa Depositi e Prestiti, the total contribution ofEurope to the ACGF now reaches 783 million EUR (906 million USD).

Support from development partners for the ACGF is expected to mobilise 7 billion EUR for low-carbon andclimate-resilient infrastructure projects in Southeast Asia, accelerating theregion’s post-pandemic recovery.

To date, co-financing partners have pledged a total of 1.7 billion EUR (8.11 billion USD) to thefacility.

Doens said the ACGF will help ASEANcountries build greener, fairer, and more sustainable economies, adding that the EU and its member states arecommitted to supporting a comprehensive and environmentally friendlypost-pandemic recovery in the region.

The contribution to theACGF is part of EU-ASEAN cooperation on environment and climate change underthe Strategic Partnership, which, in addition to sustainable finance, includesbiodiversity; forest governance, law and trade; sustainable use of peatlandsand haze mitigation; emergency response; and smart cities./.

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