On July 22, 2020, The Asian Development Bank (ADB) and the Green Climate Fund (GCF) agreed to partner toward the “Green Recovery”. This is to help hands for the people who are facing the harsh economic impact due to COVID-19 pandemic.
They agreed to strengthen collaboration on non-sovereign operations while ensuring GCF’s processes are as flexible as possible to foster at-scale financing.
Significance:
i.This collaboration focuses on enhancing the steps to reduce the carbon emission and for climate resilient development in Asia and the pacific.
ii.ABD has offered a support package of USD 20 billion for COVID-19.
Highlights:
i.In 2019, ADB committed more than USD 6.5 billion (Rs. 4,866 crores) in climate financing.
ii.Under Strategy 2030, ADB will ensure that 75% of its project will support climate change mitigation and adaptation by 2030.
iii.The total climatic finance support from ABD will reach USD 80 billion (Rs.1497 crores) from 2019 to 2030.
iv.GCF has approved total funding of USD 473 million for 10 ADB projects, thus ADB stands as the fourth largest accredited entity of GCF.
v.The CGF is the world’s largest dedicated fund helping developing countries to reduce their greenhouse emission that affects the climatic change.
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About ADB
Headquarters– Ortigas Center, Mandaluyong, Metro Manila. Philippines
Membership – 68 countries
President – Masatsugu Asakawa
About GCF
Headquarters – Songdo International Business District, Yeonsu-gu, Incheon, South Korea
Executive Director – Mr. Yannick Glemarec
