$ 665 million pledged to finance green and climate-resilient infrastructure in Asean

MANILA, Philippines – Southeast Asia, including the Philippines, set to benefit from US $ 665 million pledges in an Asian Development Bank (AfDB)-led platform promoting green and climate-resilient infrastructure In the region.

In a statement released Monday evening Philippine time, the AfDB said the commitments came from the following sources:

• the Green Climate Fund: $ 300 million
• Italian state lender Cassa Depositi e Prestiti: $ 155 million
• UK government: $ 151 million
• European Union: 50 million euros

These would be in addition to the $ 7 billion “green recovery platform” funding envisioned for the Association of Southeast Asian Nations (ACGF) Catalytic Green Finance Facility.

The four new partners have pledged to pump money into ACGF on the sidelines of the 26th United Nations Conference of the Parties on Climate Change (COP26) in Glasgow, Scotland.

The AfDB manages the ACGF, which was created by the Asean Infrastructure Fund and jointly owned by the finance ministries of the 10 member states of the regional grouping.

“The new funding will be in addition to the $ 1.4 billion in cofinancing commitments already pledged to ACGF since 2019, bringing the total pledges to the facility to $ 2 billion. The initial financial partners supporting the ACGF include the AfDB, the French Development Agency (AFD), the European Investment Bank, the German public development bank KfW and the government of [South] Korea, ”AfDB said.

“The ASEAN Green Recovery Platform is part of the AfDB’s commitment to raise its ambition for cumulative climate finance from 2019-2030 to $ 100 billion, while ensuring that at least 75% of projects will focus on climate change mitigation and adaptation by 2030, ”he added. said the multilateral-based lender.

“The platform will provide financing and technical assistance to reduce investment risks and catalyze public and private financing of green infrastructure projects that create jobs and stimulate growth. It will also support the efforts of developing ASEAN member countries to meet their climate goals under the Paris Agreement and help them strengthen green capital markets, for example by expanding the issuance of green bonds. and climate, ”he added.

“Asean countries have a unique opportunity to build a green and inclusive future after the COVID-19 pandemic. ASEAN’s Green Recovery Platform will help accelerate the flow of investments to support climate-resilient and environmentally friendly infrastructure projects in Southeast Asia and boost sustainable and equitable development ”, AfDB President Masatsugu Asakawa said.

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