The Asian Development Bank (ADB) has increased its climate financing to developing member countries (DMCs) amid interconnected challenges of the coronavirus disease (COVID-19) pandemic and the climate crisis.
In a statement, the Manila-based multilateral institution said on Wednesday, Oct. 13, said it is elevating the deliver of climate financing to its developing member countries to $100 billion from 2019 to 2030.
Masatsugu Asakawa, ADB president 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 in cumulative climate finance from our own resources by 2030,” Asakawa said.
In 2018, ADB committed to ensuring at least 75 percent of the total number of its operations support climate action and its own climate finance resources reach at least a cumulative $80 billion by 2030.
ADB expects the cumulative climate financing from its own resources in 2019 to 2021 to reach about $17 billion.
“Facing the interconnected challenges of the coronavirus disease (COVID-19) pandemic and the climate crisis, many DMCs are taking bold action to promote a green, resilient, and inclusive recovery,” ADB said.
The additional $20 billion will provide support for the climate agenda in five main areas, such as new avenues for climate mitigation, a scale-up of transformative adaptation projects, and an increase in climate finance in private sector operations.
It will also cover support for a green, resilient, and inclusive recovery from COVID-19 and to advance reforms in DMCs to unlock actions through lending to support policies and institutions for enhanced climate resilience and climate mitigation.
Across these areas, ADB said the bank will continue to expand access to new, climate-focused technologies and mobilize private capital toward climate finance.