ADB doubles climate financing pool
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Asian Development Bank announced today the doubling in the size of its annual climate financing to US$6 billion by 2020.
ADB’s spending on tackling climate change will rise to around 30 per cent of its overall financing by the end of this decade, said the bank's president, Takehiko Nakao.
ADB’s announcement comes against the backdrop of a promise by developed countries to mobilise $100 billion every year from 2020 to counter climate change in developing countries.
Out of the $6 billion financing pool, ADB will dedicate $4 billion to 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.
