A Memorandum of Understanding (MoU) signed at COP26 in Glasgow is expected to help countries in Asia and the Pacific to mitigate climate change by accelerating the deployment of renewable energy and energy efficiency projects.
The MoU was signed by the European Investment Bank (EIB) and the Asian Development Bank (ADB) to strengthen the institutions’ cooperation in co-financing green energy projects.
The EIB and ADB say they will jointly ensure increased participation of the private sector in funding and deployment of sustainable mobility, urbanisation, water security, forestry, climate change adaptation, biodiversity conversation, clean oceans and blue economy in Asia and the Pacific.
The two banks will co-provide technical assistance to governments and project developers in the regions.
In addition, the two banks will explore collaboration on developing risk-mitigating financial instruments and local currency funding for ADB’s developing member countries; share expertise, in particular on product development and best practices; and strengthen staff secondments and knowledge exchanges.
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ADB President Masatsugu Asakawa, said: “With ADB’s ambition to deliver $100 billion in climate financing to our developing member countries in 2019-2030 and EIB’s climate bank roadmap in place, our partnership can provide substantial support as countries in Asia and the Pacific plan for, adapt to, and mitigate climate change impacts.”
EIB President Werner Hoyer, added: “To reach the Paris goals, multilateral development banks must work together and scale up climate finance.
“We have a long track record of working closely with the Asian Development Bank to finance sustainable energy and transport projects. The memorandum of understanding we are signing at COP26 will strengthen our cooperation even further in particular in Asia and the Pacific. Together, we are determined to support countries in their transition towards green economies and to meet the Sustainable Development Goals.”