Asian Development Bank & British International Investment launch partnership for green trade
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The Asian Development Bank (ADB) and British International Investment (BII) announced the launching of a new trade finance partnership to promote green trade in Asia and the Pacific.
The program’s primary focus will be to promote renewable energy, energy efficiency, and climate-smart agriculture to decrease reliance on fossil fuels. It will be managed by ADB’s Trade and Supply Chain Finance Program.
The partnership will provide financial support for local importers of solar panels, wind turbines, electric vehicles, and agricultural goods. The aim is to boost cleaner energy transition in Asia and the Pacific.
“As Asia’s climate bank, ADB is committed to supporting green, climate-smart, and sustainable trade to reduce climate impacts by promoting the transition to renewable energy sources,” said ADB Director General for Private Sector Operations, Suzanne Gaboury, in a release. “Partnerships like this with BII demonstrate ADB’s leadership in convening multilateral institutions to deploy trade financing solutions that promote sustainable, trade-based international development.”
“Green trade finance enables supply chain development of the renewable energy industry and tackles the bottleneck for much-needed long-tenor financing in the region,” said BII Managing Director and Head of Asia, Srini Nagarajan. “We are delighted to work with ADB on a shared ambition to support the region’s energy transition and build climate resilience.”
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