ADB to provide climate financing

The Asian Development Bank has announced it aims to deliver $US100 billion in climate financing to its members through to 2030.

Its President, Masatsugu Asakawa, said "the battle against climate change will be won or lost in Asia and the Pacific."

He said the crisis is worsening daily, so the bank is elevating its ambition to $US100 billion in cumulative climate finance from its own resources by 2030.

The expanded climate finance ambition will channel money towards five key areas:

First, new avenues for climate mitigation, including energy storage, energy efficiency, and low-carbon transport.

Second, a scale-up of transformative adaptation projects. Projects in climate-sensitive sectors, such as urban, agriculture, and water, will be designed with a primary purpose of effective climate adaptation and enhanced resilience.

Third, an increase in climate finance in ADB's private sector operations. This includes creating more commercially viable projects for both ADB and private investors. climate operations.

Fourth, support for a green, resilient, and inclusive recovery from Covid-19.

Fifth, support to advance reforms in developing member countries to unlock actions through policy-based lending to support policies and institutions for enhanced climate resilience and climate mitigation.