$300 million from GCF to support ADB's first green recovery plan in SE Asia

South Korea-based Green Climate Fund (GCF) has allocated 300 million dollars to support Asian Development Bank's (ADB's) efforts to help southeast Asia shape a climate-resilient, environmentally sustainable economic recovery from the coronavirus disease (Covid-19) pandemic.

Based at Songdo in South Korea, GCF is a global fund created to help developing countries address the challenge of climate change. ADB has received 12 funding approvals totalling 948 million dollars since becoming an accredited GCF entity in 2015.

The ASEAN Catalytic Green Finance Facility (ACGF) Green Recovery Programme aims to leverage GCF and ADB funds to catalyse financing from development partners and private capital sources to support more than 4 billion dollars worth of green infrastructure projects across the region.

Over a 30-year period, the projects are expected to reduce carbon dioxide emissions by 119 million tonnes and create 340,000 green jobs in key sectors like sustainable transport, renewable energy and energy efficiency systems, as well as low-carbon agriculture and natural resources.

"The programme 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.

( With inputs from ANI )