Metro Manila (CNN Philippines, November 2) — The Asian Development Bank (ADB) on Tuesday said four partners have collectively pledged $665 million (over ₱33.5 billion) to support green infrastructure projects in Southeast Asia, which are seen to stimulate the region’s recovery from the COVID-19 pandemic.

The ADB announced the funding at the 26th Conference of the Parties in Glasgow, United Kingdom — the international summit where world leaders discuss climate issues.

The bank said $300 million (around ₱15.1 billion) was pledged by the Green Climate Fund, €132 million (around ₱7.7 billion) by Italian state lender Cassa Depositi e Prestiti, ₤110 million (around ₱7.6 billion) by the UK government, and €50 million (around ₱3.4 billion) by the European Union.

According to the ADB, the partnerships will be part of a new Green Recovery Platform, which seeks to mobilize an additional $7 billion for low-carbon and climate-resilient infrastructure projects that will also create more jobs in Southeast Asia and boost economic growth.

Based on ADB figures, the COVID-19 crisis led to around $163 billion to $253 billion in projected gross domestic product losses across the region in 2020.

The bank also said while infrastructure is the backbone of Southeast Asia’s economic growth, it faces a huge investment shortfall of more than $100 billion a year.

“The ASEAN (Association of Southeast Asian Nations) Green Recovery Platform will help accelerate the flow of investments to support climate-resilient, environmentally sustainable infrastructure projects in Southeast Asia and boost sustainable, equitable development,” the bank’s president Masatsugu Asakawa said during the event.

The Manila-based institution noted the new platform forms part of its commitment to raise to $100 billion its cumulative climate financing from 2019 to 2030. The bank previously vowed to ensure that at least 75% of its projects will support climate action.

It added that the projects will aid developing ASEAN countries reach their goals under the Paris Agreement on Climate Change, which was signed by the Philippines in 2017.

President Rodrigo Duterte earlier said the Philippines will do its part to fight climate change — targeting to reduce greenhouse gas emissions by 75% by 2030.