GEF-Funded Climate Technology Network and Finance Center Established
8 June 2012: The Asian Development Bank (ADB) has announced the establishment of the Climate Technology Network and Finance Center, which aims to expand the availability of low-carbon and climate-resilient technologies in Asia and the Pacific.
The Finance Center will be based in Manila, the Philippines, and managed by ADB, while the Technology Network will be based in Bangkok, Thailand, and managed by the UN Environment Programme (UNEP). With core funding from the Global Environment Facility (GEF), the new Center aims to help mobilize financing for clean technology by folding technology considerations into national investment plans and strategies, and by piloting innovative financing mechanisms. The Network will provide complementary technical support and policy advice, as well as a forum for knowledge sharing.
According to ADB, a pilot technology marketplace, to spur transactions in climate-friendly technologies, will also be established. The Center and Network aim to generate investments that will cut greenhouse gas (GHG) emissions by more than 12 million tons of carbon dioxide equivalent over the next ten years.
Co-financing will be provided by the governments of Denmark, Finland, Japan, the Republic of Korea, and the VITO-Flemish Institute for Technological Research NV. [ADB Press Release]