GCF allocates $300 million to Support ADB’s Green Recovery Program in Southeast Asia

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In order to help Southeast Asia shape a climate-resilient economic recovery from the unprecedented COVID-19 pandemic, the Green Climate Fund (GCF) has allocated around $300 million to support the Asian Development Bank’s Green Recovery Programme.

The Association of Southeast Asian Nations (ASEAN) Catalytic Green Finance Facility (ACGF) Green Recovery Program aims to utilize funds to support green infra-projects across the region.

“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. The program will help Southeast Asian countries design green stimulus packages and projects that will create climate-friendly jobs, boost economic growth, and help countries fulfill their pledges under the Paris Agreement to reduce greenhouse gas emissions,” said ADB Vice-President Ahmed M. Saeed.

It must be mentioned here that the program aims to help Southeast Asian nations bridge a major gap in financing green infrastructure.