The Green Climate Fund (GCF) has allocated $300 million to support the Asian Development Bank's (ADB) efforts to help Southeast Asia shape a climate-resilient, environmentally sustainable economic recovery from the COVID-19 pandemic.
The Association of Southeast Asian Nations (ASEAN) Catalytic Green Finance Facility (ACGF) Green Recovery Program aims to leverage GCF and ADB funds to catalyze financing from development partners and private capital sources to support more than $4 billion worth of green infrastructure projects across the region. All projects supported by the program will incorporate innovative green finance instruments and approaches.
“The ACGF Green Recovery Program is designed to kickstart a cycle of low-emissions investments during the first few years of a COVID-19 recovery,” said Ahmed Saeed, vice president of ADB. “The program will help Southeast Asian countries design green stimulus packages and projects that will create climate-friendly jobs,