August 19, 2016

ADB to double climate financing to $6 billion a year by 2020

THE Asian Development Bank announced Friday that it will double its annual spending on tackling climate change to US$6 billion by 2020, about 30 percent of its overall financing.
Around $4 billion will go to mitigation through scaling up support for renewable energy, energy efficiency, sustainable transport and building smart cities, ADB said in a press release issued Friday.
The remaining funds will be spent on adaptation through more resilient infrastructure, climate-smart agriculture and better preparation for climate-related disasters.
“Nowhere is tackling climate change more critical than in Asia and the Pacific, where rising sea levels, melting glaciers and weather extremes like floods and droughts are damaging livelihoods and taking far too many lives,” said ADB’s President Mr Takehiko Nakao.
According to the statement, the Manila-based lender will continue to explore new and innovative cofinancing opportunities with public and private partners, will tap institutional investment through private equity funds, and will issue more green bonds to fund its climate operations.
Mr Nakao highlighted the importance of technology in the fight against climate change, saying that the lender will adjust it procurement systems to facilitate the integration of cleaner and more advanced technology into its projects.
The bank pledged to provide its member countries with cutting-edge knowledge and expertise on climate change by strengthening partnerships with centres of excellence across the world.
The statement comes as the world leaders are set to gather in New York for their commitments to achieving a set of sustainable development goals by 2030 and the international community is expected to finalise a new global climate pact and ways to finance it in Paris later this year.


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