Asian Development Bank Boosts Climate Finance Goal

The Asian Development Bank (ADB) announced 12 October) that it is boosting its climate finance goals by $20 Billion USD taking the new target to $100 Billion USD for the 2019 to 2030 period, in line with the 2015 Paris Agreement.

The bank plans $66 Billion USD to go towards climate mitigation efforts, in particular improving energy efficiency and low-carbon transport investments.

The remainder of the finances will go towards climate adaptation measures in developing member countries, including developing water and agriculture projects.

ADB President Masatsugu Asakawa said: "The fight against climate change will be won or lost in Asia and the Pacific, and we are committed to serving as a climate bank and a long-term climate partner for our region”.

Earlier this year, ADB released a water development report which urged regions across Asia and the Pacific to prioritise water security as part of their COVID-19 recovery initiative.

Off the back of this report, the Bank committed $300 Million USD to the Balakot hydropower project on the Kunhar River in Khyber Pakhtunkhwa Province in Pakistan to offset the effects of climate change on water and energy resources in the region.