Green Climate Fund Allocates $300 Million to ASEAN

Asia Development Bank (ADB) reported the Green Climate Fund (GCF) allocated $300 million for the Association of Southeast Asian Nations (ASEAN) Catalytic Green Finance Facility (ACGF) Green Recovery Program.

The ACGF Green Recovery Program aims to leverage GCF and ADB funds to catalyze financing more than $4 billion worth of green infrastructure projects across the region.

Ahmed M. Saeed, ADB vice president, said the ACGF Green Recovery Program is designed to kickstart a cycle of low-emissions investments during the first few years of a coronavirus pandemic recovery.

Saeed added “The program will help Southeast Asian countries design green stimulus packages and projects that will create climate-friendly jobs, boost economic growth, and help countries fulfill their pledges under the Paris Agreement to reduce greenhouse gas emissions,”

The projects across Southeast Asia are expected to reduce carbon dioxide emissions by 119 million tons and create 340,000 green jobs in key sectors such as sustainable transport, renewable energy, and energy efficiency systems, as well as low-carbon agriculture and natural resources over a period of 30 years.

Anouj Mehta, ADB’s ACGF Unit Head said, “The program seeks to accelerate the flow of green capital from banks, investors, and capital markets to Southeast Asia by helping de-risk and prepare bankable green infrastructure investments,”

Source: Manila Bulletin