Asian Development Banks gets $665M for climate projects

By The Associated Press

The Asian Development Bank says it has won commitments of $665 million to support climate-related projects in Southeast Asia. The Manila, Philippines-based lender manages a regional platform that has targeted a total of $7 billion for such spending. It says the new funding announced at the U.N. climate summit in Glasgow, Scotland, was pledged by the United Kingdom, Italian state bank Cassa Depositi e Prestiti, the European Union and the Green Climate Fund.  The 10-nation Association of Southeast Asian Nations set up the funding platform to finance projects for reducing carbon emissions, improving climate resiliency and aiding the region’s recovery from the pandemic.