The Asian Development Bank (ADB) announced today that it will deliver $100 billion in climate finance to its developing member countries (DMCs) by 2030.
“The fight against climate change will be won or lost in Asia and the Pacific,” said Masatsugu Asakawa, President of the Asian Development Bank.
“The climate situation is becoming more severe by the day, forcing many to ask for more climate money. To respond to this appeal, we’ve increased our goal to $100 billion in cumulative climate finance from our own resources by 2030 “Added he.
In 2018, the ADB pledged to ensure that at least 75% of its entire operations support climate action and that its own climate finance resources equal $80 billion by 2030.
According to a press statement, today’s announcement “raises the ambition of this financing.”
In 2019-2021, the ADB aims to spend around $17 billion on climate financing from its own resources.
The ADB’s efforts to support its DMCs include increased climate funding ambition.
Many DMCs are taking strong action to support a green, resilient, and inclusive recovery in the face of the interrelated challenges of the coronavirus disease (COVID-19) pandemic and the climate catastrophe.
The extra $20 billion will help to advance the climate agenda in five key areas. These are the following: