Asian Development Bank (ADB) and the government of the United Kingdom (UK) have signed a memorandum of understanding (MoU) to develop a £107 million (around $134 million) trust fund to support efforts by Association of Southeast Asian Nations (ASEAN) countries to scale up green financing and shift to low-emission, climate-resilient development.
The UK–ASEAN Catalytic Green Finance Facility (ACGF) Trust Fund will leverage UK and ADB funds to accelerate a pipeline of low-carbon and climate-resilient infrastructure projects and catalyse financing from public and private capital sources. The fund will be part of the ASEAN Green Recovery Platform launched at COP26.
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