The UK has announced £110 million in new finance to help Southeast Asian countries invest in clean infrastructure, such as renewable energy and clean transport.
At COP26, the Association of Southeast Asian Nations (ASEAN) Catalytic Green Finance Facility, which is managed by the Asian Development Bank, has announced it will increase finance for countries within the region to build the infrastructure needed on the journey towards net zero.
The UK’s financial support adds to the funding, which has followed ASEAN governments committing to deploy more than £5 billion worth of green projects across the region.
The UK government hopes the funding will help to mobilise a green recovery from the COVID-19 pandemic across these countries, that together also produce a heavy proportion of global greenhouse gas emissions.
Foreign Secretary Liz Truss stressed that trade, investment and the open marketplace form part of the solution to tackling climate change and are not the problem.
She commented: “Britain is working closely with allies, through COP26 and beyond, to deliver the clean, honest and reliable infrastructure investment that the world so urgently needs.
“Co-investing with our friends in Asia provides jobs and opportunities here in Britain and will help the world meet its climate goals but will also drive growth in developing countries by supporting high quality infrastructure deals, in line with international standards.
“ASEAN is an important partner for Global Britain and I look forward to deepening our ties and taking the relationship into a bold new era.”