The Asian Development Bank (ADB) has announced an increase in its climate financing goals 2019-2030 for developing member countries (DMCs) by $20 billion to $100 billion. Earlier in 2018, ADB had announced an $80 billion goal for climate financing for developing countries in Asia during 2019-2030. The additional $20 billion in financing support will be used for climate mitigation efforts including low-carbon energy sources, climate adaptation projects and private sector projects.
The fight against climate change will be won or lost in Asia and the Pacific, and we are committed to serving as a climate bank and a long-term climate partner for our region. The Manila-based lender will plan for climate adaptation financing of $34 billion, including agriculture, urban and water adaptation projects.
Important takeaways for all competitive exams:
- President of ADB: Masatsugu Asakawa; Headquarters: Manila, Philippines.