Four partners of the Asian Development Bank (ADB) have pledged US$665 million to fund climate resilient infrastructure.
The announcement was made at the COP26 UN climate change conference in Glasgow. The funding will go to the ADB-managed Green Recovery Platform, which aims to spend US$7 billion on green infrastructure projects in Southeast Asia.
The funding includes US$151m from the government of the United Kingdom, US$155m from Italian state lender Cassa Depositi e Prestiti (CDP), US$58m from the European Union (EU) and US$300m from the UN’s Green Climate Fund (GCF), according to the ADB’s announcement.
Renewables and climate change expert John Yeap of Pinsent Masons, the law firm behind Out-Law, said: “We have one planet with climatic considerations that do not recognise national boundaries. It is therefore appropriate that developed nations that have recorded high cumulative carbon emissions over multiple decades should rightly see it as their obligation to assist developing nations that do not have such levels of cumulative carbon emissions. Such a cooperative approach emphasises the need for equity across nations as we move forward with a single global focus on achieving net zero.”
The platform will also provide financing and technical assistance to reduce investment risks associated with green infrastructure projects, and facilitate further public and private funding.
The announcement is part of the ADB's commitment to raising its target to deliver climate finance to its developing member countries (DMCs) to US$100 billion by 2030.
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