,Philippines

ADB boosts 2019-2030 climate financing goals to $100b

The bank expects its own climate financing in 2019-2021 to reach $17b.

The Asian Development Bank has announced that it has increased its goal to deliver climate financing to its developing member countries (DMCs) to $100b from 2019–2030. 

ADB President Masatsugu Asakawa said that the battle against climate change will be won or lost in Asia Pacific.

“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,” Asakawa said.

In 2018, ADB committed to ensuring at least 75% 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. 

ADB said it expects the cumulative climate financing from its own resources in 2019–2021 to reach about $17 billion.

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