The Asian Development Bank on Wednesday announced its elevated ambition of delivering climate financing of $100 billion to its developing member countries by 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,” he added.
In 2018, ADB committed to ensuring at least 75 per cent 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. Wednesday’s announcement elevates the ambition of this financing, said a press release.
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.