THE European Union is contributing 50 million euros (S$78.2 million) to the Asean Catalytic Green Finance Facility (ACGF), bringing the total contribution from the Team Europe to 783 million euros.
“In the context of a rapidly warming planet, we urgently need to rethink our approach to infrastructure development. The Asean Catalytic Green Finance Facility will help Asean countries build greener, fairer and more sustainable economies. I am glad that Team Europe can contribute to this effort,” said Koen Doens, director-general for international partnerships at the European Commission.
Team Europe comprises the European Union, its member states and financial institutions such as national development banks, the European Investment Bank, and the European Bank for Reconstruction and Development.
Support from development partners of the facility is expected to mobilise 7 billion euros for low-carbon and climate-resilient infrastructure projects in South-east Asia, accelerating the region’s recovery from the coronavirus pandemic. To date, co-financing partners have pledged a total of 1.7 billion euros to the facility.
The contribution to the ACGF, which was established by the Asean Infrastructure Fund and managed by the Asian Development Bank, is part of EU-Asean cooperation on environment and climate change under the Strategic Partnership, which, in addition to sustainable finance, includes biodiversity; forest governance; law and trade; sustainable use of peatlands and haze mitigation; emergency response; and smart cities.
Source: The Business Times (SG)
Date: 2 November 2021