ADB Raises 2019-2030 Climate Finance Ambition to $100 Billion.

ENPNewswire-October 13, 2021--ADB Raises 2019-2030 Climate Finance Ambition to $100 Billion

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Release date- 13102021 - ADB Raises 2019-2030 Climate Finance Ambition to $100 Billion.

[The expanded climate finance ambition is a key element of ADB's efforts to support its developing member countries (DMCs). Facing the interconnected challenges of the COVID-19 pandemic and the climate crisis, many DMCs are taking bold action to promote a green, resilient, and inclusive recovery.]

The expanded climate finance ambition is a key element of ADB's efforts to support its developing member countries (DMCs). Facing the interconnected challenges of the COVID-19 pandemic and the climate crisis, many DMCs are taking bold action to promote a green, resilient, and inclusive recovery.

The Asian Development Bank (ADB) today announced it is elevating its ambition to deliver climate financing to its developing member countries (DMCs) to $100 billion from 2019-2030.

'The battle against climate change will be won or lost in Asia and the Pacific,' said ADB President Masatsugu Asakawa. '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.'

In 2018, ADB committed to ensuring at least 75% 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. Today's announcement elevates the ambition of this financing.

ADB expects the cumulative climate financing from its own resources in 2019-2021 to reach about $17 billion.

The expanded climate finance ambition is a key element of ADB's efforts to support its DMCs. 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.

The additional $20 billion will provide support for the climate agenda in five main areas:

First, new avenues for climate mitigation, including energy storage, energy efficiency, and low-carbon transport. ADB expects its cumulative climate mitigation finance to reach $66 billion.

Second, a scale-up of transformative adaptation projects. Projects in climate-sensitive...

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