The Asian Development Bank (ADB) has secured US$190 million in total funding�comprising of US$85 million in grants and US$105 million in concessional loans�from the Green Climate Fund (GCF) for its climate change projects in Cambodia, Mongolia, and Tajikistan, shoring up the bank's efforts to increase its climate financing for the Asia and Pacific region.
According to its press release, ADB has an ambitious plan to provide annual climate financing of US$6 billion by 2020 from its own resources, said Mr. Bambang Susantono, ADB Vice-President for Knowledge Management and Sustainable Development.
The funding from GCF will complement this effort and help our developing member countries address the effects of climate change and meet their commitments under the Paris climate agreement, he added.
In 2017, ADB delivered over US$4.5 billion in climate finance from its own resources, of which US$3.6 billion was for mitigation and US$930 million for adaptation, and mobilised an additional US$696 million from external sources.
The new funding, approved during the 19th meeting of the GCF board from last Feb. 27 to Mar. 1 in Songdo, Republic of Korea, will provide cofinancing support to three ADB-financed projects.
In Cambodia, GCF will provide US$30 million in grant and US$10 million in loan to complement ADB's loan of US$90 million to help develop climate-friendly agribusiness value chains. GCF funds will be used for enhancing the resilience and productivity of target crops, rehabilitating production and post-harvest infrastructure to climate resilient condition, and for reducing the carbon footprint along the value chains by promoting solar and bioenergy.
Source: Agency Kampuchea Press