KUALA LUMPUR – The Asian Development Bank (ADB) is raising its ambition to deliver climate financing to its developing member countries (DMCs) with a new target of US$100 billion (US$1=RM4.16) for the 2019-2030 period.
ADB president Masatsugu Asakawa said the climate crisis is worsening daily, prompting many to call for increased climate finance.
“We are taking action to meet this call by elevating our ambition to US$100 billion in cumulative climate finance from our own resources by 2030,” he said in a statement today.
In 2018, the ADB committed to ensuring at least 75% of the total number of its operations to support climate action and its own climate finance resources reach at least a cumulative US$80 billion by 2030.
The ADB expects the cumulative climate financing from its own resources between 2019 and 2021 to reach about US$17 billion.
The additional US$20 billion will provide support for climate in five main areas, including new avenues for climate mitigation; a scale-up of transformative adaptation projects; and an increase in climate finance in ADB’s private sector operations.
It will also support a green, resilient, and inclusive recovery from Covid-19; and push to advance reforms in DMCs to unlock actions through policy-based lending, said the bank. – Bernama, October 13, 2021
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