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The Asian Development Bank (ADB) announced that it has raised its climate finance target for developing member countries from US$80 billion to US$
100 billion for 2019-2030.
Ambition to scale up climate finance is key
to ADB's efforts to support its developing member countries.
Many of these countries are taking bold actions to promote a green and inclusive recovery
from the Covid-19 pandemic and climate crisis, ADB said.
The bank expects climate finance for its resources to total around $17 billion
between 2019 and 2021.
In 2018, ADB said it would ensure that at least 75 percent of its overall operations were used to support climate action, providing $80 billion by
2030.
An additional $20 billion will be spent on new ways to mitigate climate change, including energy storage, low-carbon transportation and energy efficiency
.
Additional funding will also be used to scale up and design projects in climate-sensitive sectors such as cities, agriculture and water to adapt to climate and build resilience
.
The bank expects its cumulative adaptation financing to reach $34 billion
.
Mercom has reported that ADB will stop financing
any new coal-fired and thermal power generation capacity or any facilities related to new coal-fired power generation.
The bank also said it would support developing member countries to mitigate the health and environmental impacts
of existing coal-fired power plants and district heating systems by funding emissions control technologies.
The Asian Development Bank (ADB) announced that it has raised its climate finance target for developing member countries from US$80 billion to US$
100 billion for 2019-2030.
Ambition to scale up climate finance is key
to ADB's efforts to support its developing member countries.
Many of these countries are taking bold actions to promote a green and inclusive recovery
from the Covid-19 pandemic and climate crisis, ADB said.
The bank expects climate finance for its resources to total around $17 billion
between 2019 and 2021.
In 2018, ADB said it would ensure that at least 75 percent of its overall operations were used to support climate action, providing $80 billion by
2030.
An additional $20 billion will be spent on new ways to mitigate climate change, including energy storage, low-carbon transportation and energy efficiency
.
Additional funding will also be used to scale up and design projects in climate-sensitive sectors such as cities, agriculture and water to adapt to climate and build resilience
.
The bank expects its cumulative adaptation financing to reach $34 billion
.
Mercom has reported that ADB will stop financing
any new coal-fired and thermal power generation capacity or any facilities related to new coal-fired power generation.
The bank also said it would support developing member countries to mitigate the health and environmental impacts
of existing coal-fired power plants and district heating systems by funding emissions control technologies.
