GCF agrees $300m to support ADB's green recovery programme
The Green Climate Fund has allocated $300 million to support the Asian Development Bank's efforts to help Southeast Asia shape a climate-resilient, environmentally sustainable economic recovery from the coronavirus disease pandemic.
The Association of Southeast Asian Nations Catalytic Green Finance Facility (ACGF) Green Recovery Program aims to leverage GCF and ADB funds to catalyse financing from development partners and private capital sources to support more than $4 billion worth of green infrastructure projects across the region.
The Green Recovery Program will provide technical assistance and concessional loans to about 20 green infrastructure projects across Southeast Asia. Over a 30-year period, the projects are expected to reduce carbon dioxide emissions by 119 million tonnes 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. All projects supported by the program will incorporate innovative green finance instruments and approaches.
