Four partners pledge US$665 million to support green recovery in ASEAN
Photo: Internet |
The funding, which was announced at the 26th Conference of the Parties (COP26) in Glasgow, includes ₤110 million (US$151 million) from the Government of the United Kingdom, €132 million (US$155 million) from Italian state lender Cassa Depositi e Prestiti (CDP), €50 million from the European Union, and US$300 million from the Green Climate Fund. The partnerships will be part of a new Green Recovery Platform to support the Association of Southeast Asian Nations (ASEAN) Catalytic Green Finance Facility (ACGF), which was established by the ASEAN Infrastructure Fund and is managed by ADB.
“ASEAN countries have a unique opportunity to build a green and inclusive future after the COVID-19 pandemic,” said ADB President Masatsugu Asakawa, who attended the launch event with ministers and senior officials from ASEAN and partner countries. “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.”
The new funding will add to the US$1.4 billion in cofinancing commitments already pledged to the ACGF since 2019, bringing total pledges to the facility to US$2 billion. The original financing partners supporting ACGF include ADB, Agence Française de Développement (AFD), the European Investment Bank, the German state-owned development bank KfW, and the Government of the Republic of Korea. Director General for International Partnerships at the European Commission Koen Doens, Executive Director of Green Climate Fund Yannick Glemarec, and AFD Chief Executive Officer Remy Rioux also spoke at the launch.
“This year, the UK became ASEAN’s first new Dialogue Partner in 25 years. We’re now working together to build stronger economic and investment relationships and tackle climate change.” said UK Foreign Secretary Elizabeth Truss. “The £110 million of UK funding for the UK-ASEAN Catalytic Green Finance Facility Trust Fund will help deliver clean, honest and reliable infrastructure into countries that urgently need it, drawing on UK expertise on green technologies and creating jobs across the UK.”
The COVID-19 pandemic has had significant economic, health, and social impacts in Southeast Asia. The platform will provide financing and technical assistance to reduce investment risks and catalyze public and private financing for green infrastructure projects that create jobs and bolster growth. It will also support the efforts of ASEAN developing member countries to reach their climate goals under the Paris Agreement and help them strengthen green capital markets, such as by expanding the issuance of green and climate bonds.
“As we rebuild our economies, our commitments to the Paris Agreement and the Sustainable Development Goals must not falter,” said CDP Chief Executive Officer Dario Scannapieco. “CDP stands ready to play an active role in financing sustainable and inclusive infrastructure by promoting constructive partnerships, like our support to the ACGF, to finance a sustainable and green economic recovery in Southeast Asia and to join forces with other national development banks to tackle todays’ challenges for both this and the next generation. ”
The ASEAN Green Recovery Platform forms part of ADB’s commitment to raising its ambition for 2019–2030 cumulative climate financing to US$100 billion, while ensuring that at least 75% of projects will address climate change mitigation and adaptation by 2030.
Related News
Dong Nai Customs: understand the business situation to develop effective support solutions
13:27 | 04/04/2023 Customs
VBF 2023: Enterprises continuously propose many support measures
10:17 | 28/03/2023 Import-Export
ASEAN Customs strengthen capacity for Customs Modernization
15:52 | 22/03/2023 World Customs
ASEAN makes progress in developing regional community’s post-2025 vision
16:11 | 20/03/2023 Headlines
Latest News
Corporate bonds worth 1.1 billion USD issued in March
13:55 | 06/04/2023 Finance
Tax revenue is estimated at VND 426,922 billion in the first quarter
09:56 | 06/04/2023 Finance
Nearly 400 complaints about insurance distribution through banks on Ministry of Finance hotline
14:47 | 04/04/2023 Finance
Central bank starts huge credit package for social housing projects
14:42 | 04/04/2023 Finance
More News
In Q1, State revenue estimated to rise by 1.3%
13:28 | 04/04/2023 Finance
Consider raising the level of penalties to ensure fairness and transparency in the stock market
13:27 | 04/04/2023 Finance
Central bank cuts policy interest rates to spur growth
17:43 | 02/04/2023 Finance
Ensure policies to attract investment when implementing global minimum tax
10:33 | 02/04/2023 Finance
SBV asks to issue revised decree on foreign ownership cap at Vietnamese banks
20:30 | 01/04/2023 Finance
Solutions to attract FDI when implementing the global minimum CIT
11:38 | 01/04/2023 Finance
Effective implementation of tax incentives as driving force for growth in trade turnover between Vietnam and Cuba
13:43 | 31/03/2023 Finance
Being many "hot" issues at the general meeting of shareholders of banks
09:24 | 30/03/2023 Finance
Bringing the policies on reducing land rent and water surface rent into life
15:41 | 29/03/2023 Finance
Your care
The system has not recorded your reading habits.
Please Login/Register so that the system can provide articles according to your reading needs.
Corporate bonds worth 1.1 billion USD issued in March
13:55 | 06/04/2023 Finance
Tax revenue is estimated at VND 426,922 billion in the first quarter
09:56 | 06/04/2023 Finance
Nearly 400 complaints about insurance distribution through banks on Ministry of Finance hotline
14:47 | 04/04/2023 Finance
Central bank starts huge credit package for social housing projects
14:42 | 04/04/2023 Finance
In Q1, State revenue estimated to rise by 1.3%
13:28 | 04/04/2023 Finance