Climate Finance Fundamentals 8: Climate Finance Regional Briefing - Asia

Climate Funds Update (CFU) data shows that for 18 countries in Asia1 a total of USD 6.5 billion for 577 projects and programmes has been approved by 17 multilateral climate funds and initiatives. The diversity of active funds in the region is not matched in the distribution of finance. Considerable amounts of finance have flowed to fast-growing economies such as India and Indonesia, primarily for mitigation projects. On the other hand, a number of nations at considerable risk to climate change, such as Sri Lanka, have received relatively little. USD 835 million was newly approved in 2021, with mitigation receiving greater approval value than adaptation, REDD+ and cross-cutting projects. The Green Climate Fund (GCF), funding the second year under its first replenishment period (GCF-1), was the biggest contributor in the region in 2021, accounting for 79% of new approvals.