Igib, Country

The Asian Development Bank (ADB) has approved a USD 15 million technical assistance program to develop projects that promote climate change adaptation and mitigation in the Southeast Asia region.The new program, which was announced at the ongoing COP27 in Egypt, will help countries to mobilize financing for nationally determined contributions by improving investment planning, identifying and developing projects, and building country capacity to accelerate a pipeline of green projects for the region, it said in a statement on Wednesday."The Accelerating Climate Transitions through Green Finance in Southeast Asia program will generate much-needed pipelines of climate investments in Southeast Asia," said ADB Director General for Southeast Asia Ramesh Subramaniam."It applies a large-scale, holistic approach--planning frameworks, innovative project ideas, and knowledge sharing--to help the region's governments deliver on ambitious climate commitments," Subramaniam added.The statement said ADB plans to scale up the program by increasing funding and incorporating lessons learned by Southeast Asian countries in transitioning to climate-resilient development.To take it ahead, ADB recently raised its ambition for 2019-2030 cumulative climate financing to USD 100 billion and is committed to ensuring that at least 75 per cent of its projects will address climate change mitigation and adaptation.In conclusion, ADB said it is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty.COP27:The 27th session of the Conference of the Parties of the UNFCCC or COP 27 is on at Sharm El-Sheikh in Egypt from November 6 to 18 in an effort to build on previous successes and pave the way for effectively tackling global climate change.This year's COp27 summit is even more crucial in the backdrop of several extreme weather events -- typhoons in Bangladesh, unprecedented floods in Pakistan, dry rivers in China, and droughts in Africa, among many others.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

IgibFOLLOW

Igib, Latest News

Cairo, Dec 18 The International Monetary Fund (IMF) has said that its executive board had approved a loan ... ...

Branded as an attractive Mediterranean hub, Egypt is a choice for many as a big business destination, given its premium offshoring status. ...

New Delhi, Nov 20 As the 27th Conference of Parties in Egypt comes to an end, it becomes ... ...

Canberra, Nov 16 The Australian government has announced that it will sign up for an international commitment to ... ...

At the 27th Session of Conference of Parties of the UNFCCC (COP 27) in Sharm El-Sheikh, Egypt, the India Pavilion hosted a side event on "Transformative Green Education: Experiences from India" between 06:30 - 07:30 PM IST (03:00-04:00 PM EET). Bhupe ...

Sharm El-Sheikh (Egypt), Nov 13 The Adaptation and Agriculture thematic day at COP27 focused on how the world ... ...

The existing climate pledges made by the world are insufficient to keep the 2015 Paris Agreement's aim within reach. ... ...

The Asian Development Bank (ADB) has approved a USD 15 million technical assistance program to develop projects that promote ... ...