Glasgow: 4 partners have collectively pledged $665 million toward a platform managed by the Asian Development Bank (ADB) that aims to mobilize an additional $7 billion for low-carbon and climate-resilient infrastructure projects in Southeast Asia and accelerate the region’s recovery from COVID-19.
The funding, which was announced at COP26 in Glasgow, includes £110 million ($151 million) from the Government of the United Kingdom, €132 million ($155 million) from Italian state lender Cassa Depositi e Prestiti (CDP), €50 million from the European Union, and $300 million from the Green Climate Fund (GCF). The partnerships will be part of a new Green Recovery Platform to support the Association of Southeast Asian Nations (ASEAN) Catalytic Green Finance Facility (ACGF), which was established by the ASEAN Infrastructure Fund and is managed by ADB.
"ASEAN countries have a unique opportunity to build a green and inclusive future after the COVID-19 pandemic," said ADB President Masatsugu Asakawa in a press release on Tuesday.
"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," Asakawa stated.
The new funding will add to the $1.4 billion in cofinancing commitments already pledged to the ACGF since 2019, bringing total pledges to the facility to $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. Director General for International Partnerships at the European Commission Koen Doens, GCF Executive Director Yannick Glemarec, and AFD Chief Executive Officer Remy Rioux also spoke at the launch.
The COVID-19 pandemic has had significant economic, health, and social impacts in Southeast Asia. The platform will provide financing and technical assistance to reduce investment risks and catalyze public and private financing for green infrastructure projects that create jobs and bolster growth. It will also support the efforts of ASEAN developing member countries to reach their climate goals under the Paris Agreement and help them strengthen green capital markets, such as by expanding the issuance of green and climate bonds.
The ASEAN Green Recovery Platform forms part of ADB’s commitment to raising its ambition for 2019–2030 cumulative climate financing to $100 billion, while ensuring that at least 75% of projects will address climate change mitigation and adaptation by 2030.
Cek Berita dan Artikel yang lain di Google News
FOLLOW US
Ikuti media sosial medcom.id dan dapatkan berbagai keuntungan
