carbon emissions

The Asian Development Bank (ADB) has secured €50m ($54.9m) in funding from the European Union (EU) to support the Association of Southeast Asian Nations’ (ASEAN) Catalytic Green Finance Facility (ACGF).

The fund will be leveraged to provide ASEAN governments with technical assistance and loans to implement climate-friendly infrastructure projects.

The aim is to catalyse public and private financing for renewable energy and energy efficiency, sustainable urban transport, water supply and sanitation, and climate-resilient agriculture projects.

The EU will provide the funding via its Asia Investment Facility.

While you’re here
Envision Digital to develop first AIoT smart grid for PTT in Thailand
Total and Adani sign 2 GW deal to boost India solar sector

ADB’s representative to Europe Mr. Robert Schoellhammer, said: “This commitment reflects the European Union and ADB’s deepening collaboration to help Southeast Asian countries achieve the United Nations’ Sustainable Development Goals.”

Mr. Anouj Mehta, ACGF unit head at ADB’s Southeast Asia Regional Department, said: “Our joint support through the ASEAN Catalytic Green Finance Facility will help ASEAN member states fight climate change; improve air, soil, and water quality; and improve environmental protection.”

Countries in Southeast Asia face an annual financing gap of over $100bn to meet infrastructure needs, according to a statement.

Originally published on smart-energy.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here