ADB approves $15 million assistance for SEA climate change program

MANILA, Philippines — The Asian Development Bank (ADB) has approved a $15-million program to promote climate change adaptation and mitigation in Southeast Asia.

In a statement, the multilateral lender said the program would help countries in the region mobilize financing for nationally determined contributions or their climate action plans to cut emissions and adapt to climate impacts.

Through the program, the ADB will help countries improve investment planning, identify and develop projects and build their capacity for green projects.

“The Accelerating Climate Transitions through Green Finance in Southeast Asia program will generate much-needed pipelines of climate investments in Southeast Asia,” ADB director general for Southeast Asia Ramesh Subramaniam said.

“It applies a large-scale, holistic approach – planning frameworks, innovative project ideas and knowledge sharing – to help the region’s governments deliver on ambitious climate commitments,” he said further.

The program will be financed by the ADB’s Technical Assistance Special Fund and the Association of Southeast Asian Nations Catalytic Green Finance Facility Green Recovery Program being managed by the multilateral lender.

Through this initiative, the ADB aims to encourage investments in clean energy, sustainable transport, waste management and nature-based solutions that could mobilize $750 million in climate finance.

ADB said it plans to scale up the program by increasing funding.

It will also integrate lessons on climate-resilient development learned by Southeast Asian countries.

Earlier, the ADB raised its ambition for 2019 to 2030 cumulative climate financing to $100 billion.

The multilateral institution also aims to have at least 75 percent of its projects address climate change mitigation and adaptation by 2030.