An estimated USD 140-175 billion annually will be required for developing countries to effectively mitigate the effects of climate change by 2030. In response, a new international mechanism, the Green Climate Fund, is being designed to address associated financing needs and is expected to begin operations by 2015. In the meantime, there is a need to support developing countries and enhance their “market readiness”.
On April 2-4, 2013, the USAID Low Emissions Asian Development (LEAD) program, in cooperation with the Asian Development Bank (ADB) and the Climate and Development Knowledge Network (CDKN), convened a unique workshop in support of the Asia Low Emission Development Strategies (LEDS) Partnership that brought together government officials from twelve developing Asian countries with commercial bankers, fund managers, green project developers and others from the public and private sectors to learn about existing and emerging mechanisms to finance low-carbon, climate-resilient growth in Asia. At ADB headquarters in Manila, Philippines, more than 100 participants discussed opportunities as well as barriers to funding green growth investments and climate change-related businesses, and agreed on the critical role of private sector investment to meet the funding needs of emerging Asian economies. Public and private sector representatives also identified priorities for technical assistance and capacity building—through the Asia LEDS Partnership—to assist countries to prepare "bankable" and inclusive low-carbon projects.
For additional information please contact Mr. John Bruce Wells, USAID LEAD program Chief of Party, at John.Wells@icfi.com