ADB commits climate finance of $10 billion in 2023
  • | dtinews.vn | February 01, 2024 12:45 PM
The Asian Development Bank (ADB) committed $9.80 billion in climate finance last year, including $5.50 billion for mitigation and $4.30 billion for adaptation, which showed an increase of over 46% against its 2022 climate financing commitments.

According to the bank, it has provided more than $10.4 billion in cumulative adaptation financing from 2019 to 2023—surpassing its target of $9 billion in 2019–2024 a year early. Adaptation financing is critical in Asia and the Pacific which is experiencing more extreme heat, droughts, and heavy rains, but where investments in adaptation remain a fraction of what is required.

“2023 was the hottest year on record and saw a swath of extreme, deadly climate impacts in our region,” said ADB President Masatsugu Asakawa. “This crisis threatens energy and food security and creates fiscal challenges. As the climate bank for Asia and the Pacific, ADB is deeply committed to helping our developing members de-fossilize their economies, progress along their climate transition pathways, and achieve their net-zero goals. We must act together, with urgency and at scale.”

Asia and the Pacific originates more than half of global carbon dioxide emissions while also being acutely vulnerable to the impacts of climate change. The region needs to invest an estimated $3.1 trillion per year in energy and transport assets alone to meet net zero by 2050—around 50% more than current levels.

As Asia and the Pacific’s climate bank, ADB aims to provide $100 billion in climate financing from its own resources from 2019 to 2030. In 2022, ADB committed $6.7 billion of climate finance from its own resources, including $4 billion for mitigation and $2.7 billion for adaptation.

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