The Asian Development Bank (ADB) and the Green Climate Fund (GCF) have renewed an agreement allowing ADB to continue accessing GCF funds for its climate finance ambition in Asia and the Pacific.
The renewed Accreditation Master Agreement (AMA), provides a framework on the rights and obligations of accredited institutions which draw on GCF funding. Through the framework, ADB can obtain additional funds to support its climate mitigation and adaptation initiatives in the region.
The GCF is the world’s largest dedicated climate fund. Since 2015, GCF has endorsed US$947 million for projects led by ADB—constituting more than 8% of the total GCF portfolio. GCF’s mandate is to foster a paradigm shift towards low-emission, climate-resilient development pathways in developing countries.
As Asia and the Pacific’s climate bank, ADB aims to deliver US$100 billion in cumulative climate finance from its own resources between 2019 and 2030. In May, the bank launched the Innovative Finance Facility for Climate in Asia and the Pacific a landmark program that could significantly ramp up support for the region in the battle against climate change.
“We are pleased to renew this agreement, which enables access to more resources for the fight against climate change in Asia and the Pacific,” said ADB Climate Envoy Warren Evans. “Working with the GCF, we will continue to build a robust pipeline of climate programs and projects that support the development and climate objectives of our developing member countries.”