The Asian Development Bank said Tuesday it has won commitments of $665 million to support climate-related projects in Southeast Asia.
The Manila, Philippines-based lender manages the regional Green Recovery Platform, which has targeted a total of $7 billion for such spending. So far, including earlier pledges, it has raised $2 billion, the ADB said.
The new funding announced at the U.N. climate summit in Glasgow, Scotland, includes $151 million from the United Kingdom, $155 million from the Italian state bank Cassa Depositi e Prestiti, $58 million from the European Union and $300 million from the Green Climate Fund.
“ASEAN countries have a unique opportunity to build a green and inclusive future after the COVID-19 pandemic,” ADB President Masatsugu Asakawa said in a statement.
He said the Green Recovery Platform would support investments in “climate-resilient, environmentally sustainable infrastructure projects."
The 10-nation Association of Southeast Asian Nations set up the funding platform to finance projects for reducing carbon emissions, improving climate resiliency and aiding the region’s recovery from the pandemic.
The funding is among billions committed in Glasgow to various climate-related efforts, including $19 billion for protecting forests and $1.7 billion to aid Indigenous communities and protect biodiverse tropical forests.
Southeast Asia is one of the regions hardest hit by extreme weather, rising seas and other calamities related to climate change. The pandemic has prompted calls for countries to prioritize so-called green financing that aims to reduce emissions of greenhouse gases and improve infrastructure to protect communities from flooding and other climate-related impacts.
Wealthy countries failed to achieve their target of providing $100 billion annually in climate financing for developing economies by 2020, Moody’s ESG Solutions said in a recent report. It said the goal should be achieved by 2023.
That's far below the $4 trillion in investments by 2030 the International Energy Agency estimates is needed to achieve net zero carbon emissions by 2050, 70% of that in developing countries.