The Asian Development Bank (ADB) has announced more than USD665 million in funding to support green infrastructure projects in Southeast Asia (SEA), to aid the region’s recovery from the impact of the COVID-19 pandemic. The funding was announced at the United Nations (UN) 26th Conference of the Parties (COP26) in Glasgow, United Kingdom.
Out of the total funding, around USD300 million was pledged by the Green Climate Fund (GCF), Cassa Depositi e Prestiti (CDP) has pledged USD155 million, USD151 million will be contributed by the Government of United Kingdom and around USD58 million has been committed by the European Union (EU).
The funding is a part of a new Green Recovery Platform that aims to mobilize USD7 billion to fund low-carbon and climate-resilient infrastructure projects in the SEA region. So far, the platform has raised USD2 billion, including previous pledges.