November 12, 2022 | 00:00
MANILA, Philippines — The Asian Development Bank (AfDB) has approved a $15 million program to promote climate change adaptation and mitigation in Southeast Asia.
In a statement, the multilateral lender said the program would help countries in the region mobilize finance for nationally determined contributions or their climate action plans to reduce emissions and adapt to impacts. climatic.
Through this program, the AfDB will help countries improve investment planning, identify and develop projects, and build capacity for green projects.
“The Accelerating Climate Transitions through Green Finance in Southeast Asia program will generate much-needed climate investment pipelines in Southeast Asia,” said AfDB’s Managing Director for South Asia -East, Ramesh Subramaniam.
“It applies a large-scale, holistic approach – planning frameworks, innovative project ideas and knowledge sharing – to help governments in the region meet ambitious climate commitments,” he added.
The program will be funded by the AfDB Technical Assistance Special Fund and the Green Recovery Program of the Association of Southeast Asian Nations Green Finance Catalytic Facility, managed by the multilateral lender.
Through this initiative, the AfDB aims to encourage investments in clean energy, sustainable transport, waste management and nature-based solutions that could leverage $750 million in climate finance.
The AfDB said it plans to expand the program by increasing funding.
It will also incorporate lessons on climate-resilient development from Southeast Asian countries.
Previously, the AfDB raised its ambition for cumulative climate finance from 2019 to 2030 to $100 billion.
The multilateral institution also aims for at least 75% of its projects to focus on climate change mitigation and adaptation by 2030.