ADB and GEF jointly announce Asia and the Pacific Natural Capital Fund
Saturday, 11/11/2023 10:45 (GMT+7)
(CPV) - The Asian Development Bank (ADB) and the Global Environment Facility (GEF) have announced the establishment of Natural Capital Fund (NCF), which is a concessional fund designed to support projects that enhance food security while also protecting and restoring natural capital in ADB’s developing member countries (DMCs). GEF is supporting the NCF with an investment of $15 million.
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| Source: Internet |
The announcement was made at the Asia-Pacific Natural Capital Forum held on 7–9 November 2023, co-hosted by ADB and Stanford University’s Natural Capital Project. ADB and Stanford University have been collaborating on introducing natural capital accounting and gross ecosystem product (GEP) in DMCs.
“This Natural Capital Forum is very timely and an important opportunity to learn from the natural capital assessments that are underway in several of our DMCs,” said ADB Vice-President for Sectors and Themes Fatima Yasmin.
"Natural capital approaches offer a range of innovative tools for addressing the failure of the current and dominant economic systems. The GEF is a solid partner in these exciting and rapidly expanding natural capital applications and innovations in Asia and the Pacific and globally as well," said GEF Chief Executive Officer Carlos Manuel Rodriguez.
The forum discussed, among others, the nature financing gap and noted ADB’s broader initiative, Nature Solutions Finance Hub, which aims to develop financing models for nature-based solutions by proactively developing scalable and bankable demonstration projects centered around innovative finance approaches.
Khac Kien