The Asian Development Bank (ADB) said Wednesday it was raising its targeted climate financing to 100 billion dollars until 2030.
The Manila-based institution said the expanded financing would allow it to help Asia-Pacific countries face the challenges of climate change as they recover from the coronavirus pandemic.
“The battle against climate change will be won or lost in Asia and the Pacific,” ADB president Masatsugu Asakawa said. “The climate crisis is worsening daily, prompting many to call for increased climate finance.”
“We are taking action to meet this call by elevating our ambition to 100 billion dollars in cumulative climate finance from our own recourses by 2030,” he added.
In 2018, the ADB pledged that at least 75 per cent of its operations would support climate action, and that its own climate finance resources would reach at least a cumulative 80 billion dollars by 2030.
The bump would allow more support for projects on climate mitigation, including energy storage, energy efficiency and low-carbon transport, as well as adaptation projects in climate-sensitive sectors such as agriculture and water, the ADB said.
The bank would also put additional financial aid for member countries to work on “a green, resilient and inclusive recovery from Covid-19,” and implement policy reforms for enhanced climate resilience.
Asia-Pacific is more vulnerable to severe impacts of climate change than other parts of the world due to its dependence on agriculture, densely populated coastal areas and poorer population.