ASEAN Catalytic Green Finance Facility (ACGF)

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ASEAN Catalytic Green Finance Facility (ACGF)

Economic growth in developing countries in Southeast Asia must be de- coupled from carbon emissions to support the climate transition. In the Philippines, Indonesia, and Malaysia, fossil fuels dominate the power supply, and there is an increasing demand for passenger and freight transport. Deforestation and forest degradation continue to destroy critical carbon sinks across Cambodia, Indonesia, and Lao PDR. Southeast Asia also presents fast-changing climatic vulnerabilities, with average temperature increase of between 0.14°C–0.20°C per decade, rising sea levels and erosions of coastline, and more extreme weather events.

The COVID-19 crisis has slowed the momentum to scale up green infrastructure in the region. Public budgets are being diverted to support the emergency pandemic response, government funds for the implementation of Nationally Determined Contributions (NDCs) have been slashed, and investment in green infrastructure has slowed or stopped completely. 


Cover date 16 February 2022
Document type Case study
Organisation
Asian Development Bank
Country
Cambodia
Indonesia
Lao People's Democratic Republic
Malaysia
Philippines
Project FP156: ASEAN Catalytic Green Finance Facility (ACGF): Green Recovery Program