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ADB to double annual climate financing to $6 billion for Asia-Pacific by 2020

Asian Development Bank (ADB) President Takehiko Nakao today announced that ADB aims to double its annual climate financing to $6 billion by 2020, up from the current $3 billion.

Women carrying water in Myanmar
Women carrying water in Myanmar

By Mizzima

ADB, October 3, 2015

Mizzima

Asian Development Bank (ADB) President Takehiko Nakao today announced that ADB aims to double its annual climate financing to $6 billion by 2020, up from the current $3 billion. With this, ADB’s spending on tackling climate change will rise to around 30% of its overall financing by the end of this decade according to an ADB media release on 25 September.

ADB’s announcement comes against the backdrop of a promise by developed countries to mobilize $100 billion every year from 2020 to counter climate change in developing countries.

Out of the $6 billion, $4 billion is expected for mitigation through scaling up support for renewable energy, energy efficiency, sustainable transport, and building smart cities. $2 billion will be for adaptation through more resilient infrastructure, climate-smart agriculture, and better preparation for climate-related disasters.

ADB’s proposed doubling of climate finance‎ reflects its strategic priorities as well as the increase in ADB’s overall financing capacity by up to 50% due to a more efficient use of its balance sheet by combining the equities of its Ordinary Capital Resources and Asian Development Fund (concessional finance window) in 2017.

 

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