The Asian Development Bank (ADB) has pledged to double its annual climate financing for the Asia-Pacific to USD 6 billion (EUR 5.36bn) by 2020, with two-thirds allocated for mitigation including more support for renewables.
So far, ADB financed USD 3 billion worth of climate change initiatives per year. With the planned doubling, its spending on such projects will reach 30% of its overall financing by the end of this decade, it said in a statement on Friday.
About USD 4 billion are expected to go for renewable energy, energy efficiency and sustainable transport projects, as well as for building smart cities. The remaining USD 2 billion will be used to finance 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 president Takehiko Nakao.
ADB also noted it plans to issue more green bonds to fund its climate operations.