ADB, Green Climate Fund sign agreement on climate funds access

Saturday, 15/07/2023 09:30
The Asian Development Bank (ADB) and the Green Climate Fund (GCF) have renewed an agreement allowing ADB to continue accessing GCF funds for its climate finance ambition in Asia and the Pacific.
 Source: Internet

The renewed Accreditation Master Agreement (AMA), signed today, provides a framework on the rights and obligations of accredited institutions which draw on GCF funding. Through the framework, ADB can obtain additional funds to support its climate mitigation and adaptation initiatives in the region.

“We are pleased to renew this agreement, which enables access to more resources for the fight against climate change in Asia and the Pacific,” said ADB Climate Envoy Warren Evans. “Working with the GCF, we will continue to build a robust pipeline of climate programs and projects that support the development and climate objectives of our developing member countries.”

The GCF is the world’s largest dedicated climate fund. Since 2015, GCF has endorsed $947 million for projects led by ADB—constituting more than 8% of the total GCF portfolio. GCF’s mandate is to foster a paradigm shift towards low-emission, climate-resilient development pathways in developing countries.

“ADB is an important partner in our mission to address climate change,” said acting GCF Executive Director Henry Gonzalez. “Together, we can amplify our collective strengths to catalyze transformative climate action, mobilize resources, and foster inclusive, low-carbon, and resilient societies in Asia and the Pacific.”

As Asia and the Pacific’s climate bank, ADB aims to deliver $100 billion in cumulative climate finance from its own resources between 2019 and 2030. In May, the bank launched the Innovative Finance Facility for Climate in Asia and the Pacific a landmark program which could significantly ramp up support for the region in the battle against climate change./.

Khac Kien