The Asian Development Bank (ADB) today
\nannounced its elevated ambition of delivering climate financing of $100
\nbillion to its developing member countries (DMCs) by 2030.<\/p>\n
“The battle against climate change will be won or lost in Asia and the
\nPacific,” said ADB President Masatsugu Asakawa.<\/p>\n
“The climate crisis is worsening daily, prompting many to call for
\nincreased climate finance. We are taking action to meet this call by
\nelevating our ambition to $100 billion in cumulative climate finance from our
\nown resources by 2030,” he added.<\/p>\n
In 2018, ADB committed to ensuring at least 75% of the total number of its
\noperations support climate action and its own climate finance resources reach
\nat least a cumulative $80 billion by 2030.<\/p>\n
Today’s announcement elevates the ambition of this financing, said a press
\nrelease.<\/p>\n
ADB expects the cumulative climate financing from its own resources in
\n2019-2021 to reach about $17 billion.<\/p>\n
The expanded climate finance ambition is a key element of ADB’s efforts to
\nsupport its DMCs.<\/p>\n
Facing the interconnected challenges of the coronavirus disease (COVID-19)
\npandemic and the climate crisis, many DMCs are taking bold action to promote
\na green, resilient, and inclusive recovery.<\/p>\n
The additional $20 billion will provide support for the climate agenda in
\nfive main areas. These are:<\/p>\n
First: new avenues for climate mitigation, including energy storage,
\nenergy efficiency, and low-carbon transport. ADB expects its cumulative
\nclimate mitigation finance to reach $66 billion.<\/p>\n
Second: a scale-up of transformative adaptation projects.<\/p>\n
Projects in climate-sensitive sectors, such as urban, agriculture, and
\nwater, will be designed with a primary purpose of effective climate
\nadaptation and enhanced resilience. ADB expects its cumulative adaptation
\nfinance to reach $34 billion.<\/p>\n
Third: an increase in climate finance in ADB’s private sector operations.
\nThis includes creating more commercially viable projects for both ADB and
\nprivate investors.<\/p>\n
The expansion will be underpinned by improvements in operational
\nefficiencies, a post-pandemic recovery in market demand for financing, new
\ntechnologies and innovations in climate financing, and new areas of business
\nfor private sector climate operations.<\/p>\n
ADB intends to support these initiatives with $12 billion in cumulative
\nprivate sector climate finance from its own resources and anticipated
\ncrowding in of an additional $18 billion to $30 billion.<\/p>\n
Fourth: support for a green, resilient, and inclusive recovery from COVID-
\n19, including through innovative financing platforms such as the ASEAN
\nCatalytic Green Finance Facility and Green Recovery Platform, which are
\nexpected to leverage funds from capital markets and private sector investors
\nfor low-carbon infrastructure.<\/p>\n
Fifth: support to advance reforms in DMCs to unlock actions through
\npolicy-based lending to support policies and institutions for enhanced
\nclimate resilience and climate mitigation.<\/p>\n
Across these areas, ADB will continue to expand access to new, climate-
\nfocused technologies and mobilize private capital toward climate finance.bss<\/p>\n","protected":false},"excerpt":{"rendered":"
The Asian Development Bank (ADB) today announced its elevated ambition of delivering climate financing of $100 billion to its developing member countries (DMCs) by 2030. “The battle against climate change will be won or lost in Asia and the Pacific,” said ADB President Masatsugu Asakawa. “The climate crisis is worsening daily, prompting many to call […]<\/p>\n","protected":false},"author":1,"featured_media":17562,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,17,14],"tags":[],"class_list":["post-17561","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-6","category-17","category-14"],"_links":{"self":[{"href":"https:\/\/deshnews24.info\/index.php?rest_route=\/wp\/v2\/posts\/17561","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/deshnews24.info\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/deshnews24.info\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/deshnews24.info\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/deshnews24.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17561"}],"version-history":[{"count":1,"href":"https:\/\/deshnews24.info\/index.php?rest_route=\/wp\/v2\/posts\/17561\/revisions"}],"predecessor-version":[{"id":17563,"href":"https:\/\/deshnews24.info\/index.php?rest_route=\/wp\/v2\/posts\/17561\/revisions\/17563"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/deshnews24.info\/index.php?rest_route=\/wp\/v2\/media\/17562"}],"wp:attachment":[{"href":"https:\/\/deshnews24.info\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17561"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/deshnews24.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17561"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/deshnews24.info\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17561"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}