The Asian Development Bank (ADB) has secured additional pledges to fund low-carbon and climate-resilient infrastructure projects for the Association of Southeast Asian Nations (ASEAN).
In a statement, the Manila-based multilateral institution said late Tuesday, Nov. 2, that four partners have collectively committed $665 million for the Green Recovery Platform that aims to mobilize $7 billion for climate-related projects in Southeast Asia.
According to the ADB, the fresh pledges include $151 million from the Government of the United Kingdom, $155 million from Italian state lender Cassa Depositi e Prestiti, €50 million from the European Union, and $300 million from the Green Climate Fund.
The new platform supports the 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,” he added.
The new funding will add to the $1.4 billion in cofinancing commitments already pledged to the ACGF since 2019, bringing total pledges to the facility to $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.
“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,” Truss said.