ASTANA (TDI): Endorsing a new Climate Change Action Plan, member countries of the Central Asia Regional Economic Cooperation (CAREC) Friday launched the CAREC Climate and Sustainability Project Preparatory Fund (CSPPF).
The endorsement took place at the 23rd CAREC Ministerial Conference held today in Astana.
The ministers also endorsed the Midterm Review of the CAREC 2030 Strategy, which recommended reinvigorating regional cooperation and enhancing operations toward climate-smart development and regional public goods, among others.
The fund aims to strengthen regional collaboration on climate resilience, low-carbon growth, and sustainable development.
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“The approval of the CAREC Climate Change Action Plan and the establishment of the Climate and Sustainability Project Preparatory Fund are significant milestones in our collective efforts to address climate change,” said Asian Development Bank (ADB) President Masatsugu Asakawa, who delivered a keynote address at the conference.
“By working together, we can build resilient infrastructure, develop early warning systems, and create a greener future powered by renewable energy.”
The CAREC Program is a partnership of countries in Central Asia, the Caucasus, South Asia, and East Asia, and development partners aiming to promote sustainable development through regional cooperation.
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The CSPPF will assist CAREC countries in developing bankable regional climate projects aligned with their commitments under the Paris Agreement.
Today, ADB also signed fund contribution agreements with the Ministry of Finance of the People’s Republic of China and the Ministry of Economy and Finance of the Republic of Korea, generating a total of $5 million initial funding for CSPPF.
