Asian Development Bank (ADB) partners have pledged $665 million to support climate-resilient infrastructure projects in Southeast Asia.
The funds contribute to the planned $7-billion financing for low-carbon and climate-resilient infrastructure projects in the region, ADB said in a press release on Tuesday.
The funding announced at the 26th United Nations Climate Change Conference in Glasgow, Scotland include $151 million from the government of the United Kingdom and $155 million from Italian state lender Cassa Depositi e Prestiti.
Another $300 million will be financed through the Green Climate Fund along with an estimated $58 million from the European Union.
The partnerships will be part of a new green recovery platform supporting the Association of Southeast Asian Nations (ASEAN) catalytic green finance facility put up by the ASEAN Infrastructure Fund and managed by ADB.
The new funding will add to $1.4 billion in co-financing commitments pledged to the facility since 2019, bringing the total to over $2 billion.
“ASEAN countries have a unique opportunity to build a green and inclusive future after the
COVID-19 pandemic,” ADB President Masatsugu Asakawa said.
“The ASEAN Green Recovery Platform will help accelerate the flow of investments to support climate-resilient, environmentally sustainable infrastructure projects in Southeast Asia and boost sustainable, equitable development.”
ADB last month released a plan to reach $100 billion in cumulative climate financing for developing member countries between 2019 and 2030.
The Asian Infrastructure Investment Bank (AIIB) has also said it is considering supporting climate-resilient infrastructure in the Philippines as it estimates its cumulative climate finance approvals to reach $50 billion by 2030.
Advocacy group Asian Peoples’ Movement on Debt and Development (APMDD) said AIIB should overhaul its energy policy and stop all support for fossil fuels. — Jenina P. Ibanez