The Asian Development Bank has increased its climate funding objective


The Asian Development Bank (ADB) will increase its climate financing goals by US$20 billion to a new target of US$100 billion (S$135 billion) for the period 2019 to 2030 and plans to unveil its concept for retiring coal-fired power plants at the COP26 climate conference in Scotland next month, according to the lender’s chief (Oct 12).
The intentions, revealed in an interview with Reuters by ADB president Masatsugu Asakawa, enhance a prior US$80 billion climate funding objective for developing nations in Asia for the decade outlined in 2018.
“In Asia and the Pacific, the battle against climate change will be won or lost, and we are dedicated to serving as a climate bank and a long-term climate partner for our area,” Mr. Asakawa said.
Climate mitigation activities, including low-carbon energy sources, climate adaption programs, and private-sector projects, will benefit from the additional US$20 billion in funding. Mr. Asakawa stated that the Asian Development Bank (ADB) now aims to invest US$66 billion in climate mitigation finance through 2030, including innovative energy storage, energy efficiency, and low-carbon mobility. Climate adaptation finance of US$34 billion will be planned by the Manila-based lender, which would include agriculture, urban, and water adaption projects.
Due to increased demand for such financing, the bank plans to expand its private sector operations to attract more private capital to finance new climate technologies and innovations, using US$12 billion from its balance sheet to attract up to US$30 billion in new private capital, according to Mr. Asakawa.
The ideas were given to US Treasury Secretary Janet Yellen on Tuesday, who had called a meeting with multilateral development institutions, including the Asian Development Bank and the World Bank, to explore attempts to enhance climate finance by the 2015 Paris Agreement.


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