A new Climate Technology Network and Finance Center is now being set up in Manila and Bangkok to help finance and boost investments in “clean” technologies that will not only cut energy use in the Asia-Pacific region, but also reduce greenhouse gas emissions and minimize the adverse effects of climate change.
The center specifically targets to “expand the availability of low-carbon and climate-resilient technologies in Asia and the Pacific,” according to the Asian Development Bank (ADB).
“The countries of Asia and the Pacific need to rapidly deploy new technologies capable of decoupling their growth from high emissions of greenhouse gases, and they need to build their resilience to climate change impacts,” said Seethapathy Chander, director-general of ADB’s regional and sustainable development department.
In a statement, the ADB said it would manage the technology finance center that will be set up in Manila, while the United Nations Environment Program will manage the climate technology network secretariat, which will be based in Bangkok, Thailand.
The Manila-based multilateral lender explained that the new finance center will help mobilize financing for clean technology by folding technology considerations into national investment plans and strategies, and by piloting innovative financing mechanisms.
The network, meanwhile, will be tasked to provide technical support and policy advice and be a forum for knowledge sharing.
A grant of roughly $11 million from the Global Environment Facility will serve as the initial core fund for the new center.
Further co-financing is expected to come from the governments of Denmark, Finland, Japan, the Republic of Korea and the Vito-Flemish Institute for Technological Research NV.