NDO/VNA - Director-General for International Partnerships at the European Commission Koen Doens has highlighted the crucial role of programmes such as the ASEAN Catalytic Green Finance Facility (ACGF) in supporting green recovery in Southeast Asia.

According to the Delegation of the European Union (EU) to ASEAN, Doens stated this at the 26th United Nations Climate Change Conference of the Parties (COP26) in Glasgow, the UK on November 2.

He said the ACGF, which was established by the ASEAN Infrastructure Fund and managed by the Asian Development Bank (ADB), will receive a contribution worth EUR50 million (over US$57.9 million) from the EU.

With pledges from the European Investment Bank (EIB), Germany’s Kreditanstalt für Wiederaufbau (KfW), the Agence Française de Developpement (AFD), and the Italian state lender Cassa Depositi e Prestiti, the total contribution of Europe to the ACGF now reaches EUR783 million (US$906 million).

Support from development partners for the ACGF is expected to mobilise 7 billion EUR for low-carbon and climate-resilient infrastructure projects in Southeast Asia, accelerating the region’s post-pandemic recovery.

To date, co-financing partners have pledged a total of EUR1.7 billion (US$8.11 billion) to the facility.

Doens said the ACGF will help ASEAN countries build greener, fairer, and more sustainable economies, adding that the EU and its member states are committed to supporting a comprehensive and environmentally friendly post-pandemic recovery in the region.

The contribution to the ACGF 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.