New ADB programme to accelerate development of climate projects in Southeast Asia
Business
New ADB programme to accelerate development of climate projects in Southeast Asia
ISLAMABAD (Dunya News) – The Asian Development Bank (ADB) has approved a $15 million technical assistance programme, supported by ADB’s funds and the Green Climate Fund (GCF), to develop projects that promote climate change adaptation and mitigation in Southeast Asia.
The new programme, which was announced at the Sharm el-Sheikh Climate Change Conference (COP 27), would help countries to mobilize financing for nationally determined contributions by improving investment planning, identifying and developing projects and building country capacity to accelerate a pipeline of green projects for the region.
The programme is linked to the Association of Southeast Asian Nations (ASEAN) Catalytic Green Finance Facility (ACGF), under the ASEAN Infrastructure Fund and projects identified by the programme could benefit from further funding from ACGF and its financing partners, according to the ADB statement received here.
The initiative would be financed by ADB’s Technical Assistance Special Fund and by the ADB-managed ACGF Green Recovery Programme, which is financed by GCF.
It will develop investments in clean energy, sustainable transport, waste management, and nature-based solutions that could mobilize $750 million in climate finance from ADB and its partners.
ADB plans to scale up the programme by increasing funding and incorporating lessons learned by Southeast Asian countries in transitioning to climate-resilient development, the statement added.
ADB recently raised its ambition for 2019–2030 cumulative climate financing to $100 billion and is committed to ensuring that at least 75% of its projects will address climate change mitigation and adaptation by 2030.
CEFIA is an initiative of the Ministry of Economy, Trade, and Industry of Japan that aims to advance public and private collaboration to accelerate the energy transition and decarbonization in ASEAN countries.
