The Asian Development Bank (AfDB) said on Wednesday it was increasing its ambition to provide climate finance to its developing member countries from $ 20 billion to $ 100 billion between 2019 and 2030.

AfDB President Masatsugu Asakawa said in a statement that the battle against climate change will be won or lost in Asia and the Pacific. “The climate crisis is getting worse by the day, prompting many to call for increased climate finance. We are taking action to respond to this call by raising our ambition to $ 100 billion in cumulative climate finance from our own resources by 2030. ”

In 2018, the AfDB pledged to ensure that at least 75% of the total number of its operations support climate action and that its own climate finance resources reach at least $ 80 billion cumulative by 2030. L Today’s announcement raises the ambition of this funding. The AfDB expects cumulative climate finance from its own resources in 2019-2021 to reach around $ 17 billion.

The AfDB said the additional $ 20 billion would support the climate agenda in five main areas. First, new avenues for climate change mitigation, including energy storage, energy efficiency and low carbon transport. The AfDB expects its cumulative financing for climate change mitigation to reach $ 66 billion.

Second, scaling up transformative adaptation projects. Projects in climate sensitive sectors, such as urban, agriculture and water, will be designed with the main aim of effective climate adaptation and increased resilience. The AfDB expects its cumulative adaptation financing to reach $ 34 billion.

Third, an increase in climate finance in the AfDB’s private sector operations. This includes the creation of more commercially viable projects for the AfDB and private investors. The expansion will be supported by improvements in operational efficiency, a post-pandemic recovery in demand for market finance, new technologies and innovations in climate finance, and new business areas for the industry’s climate operations. private. The AfDB intends to support these initiatives with $ 12 billion in cumulative private sector climate finance from its own resources and an expected inflow of an additional $ 18 to 30 billion.

Fourth, supporting a green, resilient and inclusive recovery of covid-19, including through innovative financing platforms such as the ASEAN Catalytic Green Finance Mechanism and the Green Recovery Platform, which should mobilize funds from capital markets and private sector investors for low-carbon infrastructure.

Fifth, support to advance reforms in developing member countries to unlock actions through policy-based loans to support policies and institutions aimed at building resilience and climate change mitigation.

“In these areas, the AfDB will continue to expand access to new climate-focused technologies and mobilize private capital for climate finance,” the AfDB said in a statement.

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