New center to foster low carbon technologies in Asia

A technology finance hub in Manila should help spur investments in clean technologies.

The Climate Technology Network and Finance Center is being set up to help finance and boost investments in clean technologies throughout the Asia-Pacific region. It seeks to expand the availability of low-carbon and climate-resilient technologies in the region, said the Asian Development Bank (ADB).

The Manila-based finance center will help mobilize financing for clean technology by combining technology considerations into national investment plans and strategies, and by piloting innovative financing mechanisms.

A grant of US$11 million from the Global Environment Facility will be the initial core investment for the new center.

ADB said countries in Asia-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.

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 to be based in Bangkok, Thailand.