On the 3rd of May, the German Government and the Asian Development Bank announced their intention to launch the Asia Climate Finance Facility (ACliFF) in 2017. The facility will leverage public and private sector investment in climate change mitigation and adaptation in support of the goals of the Paris Climate Agreement, reached last December and now signed by more than 175 countries.
The facility will help developing countries in Asia and the Pacific region through new and innovative co-financing measures, including guarantees and climate risk insurance, which support country-led implementation of Nationally Determined Contributions for reduction of greenhouse gas emissions, as well as for investment in resilience.
In their “Frankfurt Declaration,” the bank and the German Federal Ministry for Economic Cooperation and Development agreed to join forces for progress on climate action and technical and vocational education and training for the economic empowerment of women.
The 67 delegates of the ADB member states jointly planted the trees for the Green Reading Room on the premises of the Goethe University of Frankfurt on April 30. The trees will eventually form a green construction that can be used as a reading room by roughly 50 students.
ADB President Takehiko Nakao said, “Sustainability is critical for all economies in Asia and in the rest of the world. The Green Reading Room will serve as a reminder of the importance of environmental sustainability for this and future generations.”
The Federal Ministry for Economic Cooperation and Development plans to use the Green Reading Room as a regular venue for presentations to young scientists about latest developments in the areas of climate change and energy use.
Said Lord Mayor of the City of Frankfurt, Peter Feldmann, “For this symbolic act there is no better place than Frankfurt. Because in this green city, dynamics and sustainability as well as the belief in progress and prosperity go in line with taking care of our environment.”
Photo credit: “Colourbox”. Material used in the preparation of this article has been drawn from Maximpact.com News