More

    ADB Commits Record $10 Billion for Climate Finance

    CountriesAsia PacificADB Commits Record $10 Billion for Climate Finance
    - Advertisment -

    ADB Commits Record $10 Billion for Climate Finance

    Adaptation financing is critical in Asia and the Pacific which is experiencing more extreme heat, droughts, and heavy rains, but where investments in adaptation remain a fraction of what is required.

    The Asian Development Bank (ADB) has committed a record amount of climate finance in 2023 to help its developing member countries (DMCs) in Asia and the Pacific cut greenhouse gas emissions and adapt to the impacts of a warming planet, the ADB said in a press release.

    ADB committed $9.8 billion in climate finance from its own resources last year — $5.5 billion for mitigation and $4.3 billion for adaptation — an increase of more than 46 per cent on its 2022 climate financing commitments.

    The bank’s climate adaptation finance commitments in 2023 mean that ADB has provided more than $10.4 billion in cumulative adaptation financing from 2019 to 2023 — surpassing its target of $9 billion in 2019–2024 a year early. Adaptation financing is critical in Asia and the Pacific which is experiencing more extreme heat, droughts, and heavy rains, but where investments in adaptation remain a fraction of what is required.

    “Climate change threatens the future of all development. 2023 was the hottest year on record and saw a swath of extreme, deadly climate impacts in our region,” said ADB President Masatsugu Asakawa. “This crisis threatens energy and food security and creates fiscal challenges. As the climate bank for Asia and the Pacific, ADB is deeply committed to helping our developing members de-fossilize their economies, progress along their climate transition pathways, and achieve their net-zero goals. We must act together, with urgency and at scale.”

    - Advertisement -

    Asia and the Pacific originates more than half of global carbon dioxide emissions while also being acutely vulnerable to the impacts of climate change. The region needs to invest an estimated $3.1 trillion per year in energy and transport assets alone to meet net zero by 2050 — around 50 per cent more than current levels.

    ADB aims to provide $100 billion in climate financing from its own resources from 2019 to 2030. In 2022, ADB committed $6.7 billion of climate finance from its own resources, including $4 billion for mitigation and $2.7 billion for adaptation. ADB’s flagship climate projects in 2023 include a $400 million policy-based loan to help Bangladesh implement its national adaptation plan and pursue climate-focused development; a $1 billion loan to help deploy the Philippines’ first large-scale electric bus system in Davao City; and an $18 million grant from the Asian Development Fund (ADF) to improve the resilience, inclusiveness, and sustainability of water supply and sanitation services in the Federated States of Micronesia. The ADF provides grants to ADB’s lower-income DMCs to promote poverty reduction and improvements in the quality of life.

    - Advertisement -

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Latest news

    Sri Lanka’s Elephant Corridor Plan ‘Unscientific’

    Nearly 5,000 elephants and 1,600 people have been killed in the last 15 years in clashes between elephants and humans in Sri Lanka, home to one of the largest remaining populations of Asian elephants, according to official figures.

    New Projections Show Extreme Glacier Loss Already at 2°C

    Staying close to 1.5°C on the other hand preserves at least some glacier ice in all regions, even Scandinavia, with 20-30 per cent remaining in the four most sensitive regions; and 40-45 per cent in the Himalayas and Caucuses; stressing the growing urgency of the 1.5°C temperature goal and rapid decarbonization to achieve it.

    Government Extends Interest Relief for Farmers, Reinforces KCC and MISS as Pillars of Agricultural Credit

    Through the KCC framework, farmers benefit from revolving credit facilities for up to five years. This flexible structure allows them to draw and repay funds as per their seasonal requirements without having to reapply for loans each season.

    Legal Battle Brews Over Rampant Illegal Sand Mining in Meghna River

    The massive profits coupled with a weak legal framework have drawn influential individuals with political connections into the sand mining business, making it dangerous for environmental activists and journalists to speak out.
    - Advertisement -

    Yunus Warns of ‘War-Like Situation’ Amid Political Crisis and Rising Tensions

    The high-stakes meeting brought together 20 leaders from various political parties and organisations in two separate sessions, as Yunus sought to shore up support amid reports of internal tensions within his interim government and growing external pressure.

    Vice President Calls for Direct Subsidies and Agri-Entrepreneurship at Madhya Pradesh Conclave

    He urged agro-based industries, NGOs, MPs, and MLAs to adopt villages and help build agri-entrepreneurial ecosystems.

    Must read

    Sri Lanka’s Elephant Corridor Plan ‘Unscientific’

    Nearly 5,000 elephants and 1,600 people have been killed in the last 15 years in clashes between elephants and humans in Sri Lanka, home to one of the largest remaining populations of Asian elephants, according to official figures.

    New Projections Show Extreme Glacier Loss Already at 2°C

    Staying close to 1.5°C on the other hand preserves at least some glacier ice in all regions, even Scandinavia, with 20-30 per cent remaining in the four most sensitive regions; and 40-45 per cent in the Himalayas and Caucuses; stressing the growing urgency of the 1.5°C temperature goal and rapid decarbonization to achieve it.
    - Advertisement -

    More from the sectionRELATED
    Recommended to you