Asian Development Bank raises climate finance target to US$100bn

Out-Law News | 19 Oct 2021 | 1:51 am |

Asian Development Bank (ADB) has raised its target to deliver climate finance to its developing member countries (DMCs) to US$100 billion by 2030.

The announcement increases its climate financing commitments by US$20bn. The additional funding will be used to support five areas including looking for new ways to deliver climate mitigation, scaling up transformative adaptation projects, and increasing climate finance for private sector operations.

The additional funding will also be used to support DMCs’ economic recovery from Covid-19 and to help DMCs implement lending programmes designed to support climate resilience and climate mitigation.

In 2018, ADB committed to ensure that at least 75% of its total operations support climate action and that its own climate finance commitments reached at least a cumulative US$80bn by 2030.

In August, the ADB together with private sector financial firms planned to work together to buy and close coal-fired power plants across Asia in a bid to help countries in the region meet their climate targets. The plan is expected to be ready for the COP26 climate conference in November.