International donors will help developing countries cut carbon emissions by 150 million metric tonnes (MMT) each year.
As part of their commitment, these donors want to ensure a reduction in net emissions by 2050.
The Association of Southeast Asian Nations (ASEAN) has established ASEAN Catalytic Green Finance Facility (ACGF) as a member of developing nations.
First Financing Platform
ACGF is the first financing platform from Asian Development Bank (ADB) to fund green infrastructure projects.
These projects will reduce carbon emissions by 119 MMT and create 340,000 jobs in the region.
Loans and grants
The UK, European Union (EU), Italian State Lending Company, and Green Climate Fund sanctioned funds totaling $665 million.
ASEAN's rapid economic development resu...
