New ADB program to accelerate development of climate projects in Southeast Asia
Saturday, 12/11/2022 11:45 (GMT+7)
(CPV) - The Asian Development Bank (ADB) has approved a $15 million technical assistance program, supported by ADB’s own funds and the Green Climate Fund (GCF), to develop projects that promote climate change adaptation and mitigation in Southeast Asia.
|ADB accelerating climate transitions through green finance in Southeast Asia program will help developing member countries mobilize financing for nationally determined contributions. (Source: ADB)
The new program, which was announced at COP27 in Sharm El Sheikh, will 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. It 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 program could benefit from further funding from ACGF and its financing partners.
“The Accelerating Climate Transitions through Green Finance in Southeast Asia program will generate much-needed pipelines of climate investments in Southeast Asia,” said ADB Director General for Southeast Asia Ramesh Subramaniam, who presented the program at a side event organized by the Cleaner Energy Future Initiative for ASEAN (CEFIA). “It applies a large-scale, holistic approach—planning frameworks, innovative project ideas, and knowledge sharing—to help the region’s governments deliver on ambitious climate commitments.”
The initiative will be financed by ADB’s Technical Assistance Special Fund and by the ADB-managed ACGF Green Recovery Program, 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 program by increasing funding and incorporating lessons learned by Southeast Asian countries in transitioning to climate-resilient development.
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 energy transition and decarbonization in ASEAN countries.
CPV (Source: VNA)