The Asian Development Bank (ADB) has announced over $665 million in funding to support green infrastructure projects in Southeast Asia (SEA), to aid the region’s recovery from the impact of the COVID-19 pandemic.
The funding was announced at the United Nations (UN) 26th Conference of the Parties (COP26) in Glasgow, United Kingdom. Out of the total funding, around $300 million was pledged by the Green Climate Fund (GCF), CassaDepositi e Prestiti (CDP) has pledged $155 million, $151 million will be contributed by the Government of United Kingdom and around $58 million has been committed by the European Union (EU). The funding is a part of a new Green Recovery Platform that aims to mobilize $7 billion to fund low-carbon and climate-resilient infrastructure projects in the SEA region. So far, the platform has raised $2 billion, including previous pledges