Connect with us

Hi, what are you looking for?


ADB partners pledge $665-M for ASEAN green infrastructure fund

Asian Development Bank (ADB) partners have pledged $665 million to support climate-resilient infrastructure projects in Southeast Asia.

The funds contribute to the planned $7-billion financing for low-carbon and climate-resilient infrastructure projects in the region, ADB said in a press release on Tuesday.

The funding announced at the 26th United Nations Climate Change Conference in Glasgow, Scotland include $151 million from the government of the United Kingdom and $155 million from Italian state lender Cassa Depositi e Prestiti.

Another $300 million will be financed through the Green Climate Fund along with an estimated $58 million from the European Union.

The partnerships will be part of a new green recovery platform supporting the Association of Southeast Asian Nations (ASEAN) catalytic green finance facility put up by the ASEAN Infrastructure Fund and managed by ADB.

The new funding will add to $1.4 billion in co-financing commitments pledged to the facility since 2019, bringing the total to over $2 billion.

“ASEAN countries have a unique opportunity to build a green and inclusive future after the

COVID-19 pandemic,” ADB President Masatsugu Asakawa said.

“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.”

ADB last month released a plan to reach $100 billion in cumulative climate financing for developing member countries between 2019 and 2030.

The Asian Infrastructure Investment Bank (AIIB) has also said it is considering supporting climate-resilient infrastructure in the Philippines as it estimates its cumulative climate finance approvals to reach $50 billion by 2030.

Advocacy group Asian Peoples’ Movement on Debt and Development (APMDD) said AIIB should overhaul its energy policy and stop all support for fossil fuels. — Jenina P. Ibanez

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



PAGCOR Chairman and CEO Andrea Domingo (right) and La Paz Mayor Venustiano Jordan unveil the marker of the newly built Multi-Purpose Evacuation Center. Being...


As President Rodrigo R. Duterte’s term ends today, we show how select economic, financial, and development indicators have changed throughout the years from his...


THE peso sank to the P55-a-dollar level on Wednesday — its weakest in more than 16 years — amid fears of a recession in...


(MAY 13, 2020) Houses are dwarfed by towering buildings of the Makati City skyline on a quiet Wednesday midnight as they government through the...


THE Philippine Ports Authority (PPA) has awarded more port projects, including the construction of a cruise ship port in Coron, Palawan province southwest of...


MORE Filipinos opened their own bank accounts at the end of last year, as many of them were forced to pay for services online...

You May Also Like


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Financial Advisors

The healthcare ecosystem is one that has thrived on the cusp of scientific progress, benefitting enormously from the winds of change in the technological...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.