Key Takeaways
- The ADB committed 9.8 billion USD in climate finance for 2023, a 46% increase on 2022 climate financing commitments.
- The ADB aims to provide 100 billion USD in climate financing from its resources from 2019 to 2030.
- The ADB’s climate finance commitment is crucial for reducing greenhouse gas emissions and adapting to the impacts of a warming planet.
Manila: The Asian Development Bank (ADB) on Thursday said it committed 9.8 billion U.S. dollars in climate finance from its resources in 2023, a more than 46 percent increase on its 2022 climate financing commitments.
The ADB’s climate finance in 2023 has made significant progress in reducing greenhouse gas emissions and adapting to climate change impacts. 5.5 billion dollars were allocated for mitigation, while 4.3 billion dollars were allocated for adaptation.
“Climate change threatens the future of all development. 2023 was the hottest year on record and saw a swath of extreme, deadly climate impacts in our region,” said ADB President Masatsugu Asakawa, adding that the crisis threatens energy and food security and creates fiscal challenges.
As Asia and the Pacific’s climate bank, the ADB said it aims to provide 100 billion dollars in climate financing from its resources from 2019 to 2030.
In 2022, the ADB committed 6.7 billion dollars of climate finance from its resources, including 4 billion dollars for mitigation and 2.7 billion dollars for adaptation.
