Categories: Business

ADB Raises 2019–2030 Climate Financing Goal to $100 Billion

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.

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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.

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President of ADB: Masatsugu Asakawa; Headquarters: Manila, Philippines.

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Sumit Arora

As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.