Green Climate Fund allocates $300 million to support ADB’s work in southeast Asia

The Green Climate Fund (GCF) has allocated $300 million to support the Asian Development Bank’s (ADB) efforts to help Southeast Asia shape a climate-resilient, environmentally sustainable economic recovery from the COVID-19 pandemic. …

The Association of Southeast Asian Nations (ASEAN) Catalytic Green Finance Facility (ACGF) Green Recovery Program aims to leverage GCF and ADB funds to catalyze financing from development partners and private capital sources to support more than $4 billion worth of green infrastructure projects across the region. All projects supported by the program will incorporate innovative green finance instruments and approaches. The program aims to help Southeast Asian countries bridge a major gap in financing green infrastructure, with the region’s annual investment needs estimated to be $210 billion even before the pandemic. According to ADB, the gap is likely to have widened during the pandemic, as the region’s economy contracted by 4.4 per cent in 2020. The Green Recovery Program will provide technical assistance and concessional loans to about 20 green infrastructure projects across Southeast Asia.

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