ADB Considers Climate Investment Project For Six Asian Countries

(MENAFN- Trend News Agency) BAKU, Azerbaijan, October 15. The Asian Development Bank (ADB) is considering the Climate Advance Platform project, the Bank said on its website.

The regional initiative covers Azerbaijan, Bhutan, Kazakhstan, the Kyrgyz Republic, Pakistan and Thailand.

Under the proposed project, Azerbaijan is expected to receive $500,000 in technical assistance, while Bhutan is expected to receive $300,000. Kazakhstan, the Kyrgyz Republic and Pakistan are each expected to receive $1 million through the Energy Transition Mechanism Partnership Trust Fund. Thailand is expected to receive $350,000.

The Regional Climate Advance Platform is set to receive an additional $1.05 million.

According to the ADB, the Climate Advance Platform is designed to help developing member countries translate climate commitments into investment projects.

The initiative is structured around three pillars: setting the direction by developing long-term transition pathways and strategies; planning the transition through prioritized investment programs, financing strategies and policy reform agendas; and accelerating implementation by strengthening the institutional, financial and delivery systems needed to carry out priority initiatives.

The technical assistance is intended to support selected countries across Asia and the Pacific, initially focusing on those seeking to implement their updated nationally determined contributions (NDC 3.0), develop long-term transition pathways, prepare climate investment plans and establish conditions for increased climate investment.

Activities will be carried out in coordination with ministries responsible for finance, planning, the environment, energy and transport, as well as other relevant government agencies.

The ADB said its convening role would help promote a whole-of-government approach to climate action.

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