https://www.adb.org/climatebank
ADB is the FIRST Multilateral Development Bank (MDB) to:
- Set clear climate investment targets for 2030: ADB first committed in 2015 to increase its climate investments up to $6 billion annually by 2020—a target it met in 2019.
- Implement a long-term climate change operational framework
- Establish a climate risk screening and management framework for its operations
- Disclose project-level data for all its climate projects
- Be accredited by the Green Climate Fund
NEW IDEAS, NEW RESOURCES
ADB President Masatsugu Asakawa on:
ADB's climate finance ambition
"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."
Energy Transition Mechanism (ETM) partnership
"ADB is joining the Governments of Indonesia and the Philippines to formally launch a partnership to pilot ETM in Southeast Asia. Once it is scaled up, ETM has the potential to be the largest carbon reduction model in the world."
ASEAN Green Recovery Platform support
"The platform brings together partners to invest alongside ADB’s own financing. With pledges of $665 million from the UK government, the Green Climate Fund, the European Union, and Cassa Depositi e Prestiti, the Green Recovery Platform will de-risk investments and catalyze $7 billion in public and private capital for green infrastructure projects."
ADB Ventures climate technology funds
"ADB Ventures is promoting investment in innovative, venture-stage solutions, unlocking our region’s enormous potential to scale technology for climate impact."
https://www.adb.org/news/adb-commits-record-climate-finance-almost-10-bi...
MANILA, PHILIPPINES (31 January 2024) — The Asian Development Bank (ADB) committed a record amount of climate finance in 2023 to help its developing member countries (DMCs) in Asia and the Pacific cut greenhouse gas emissions and adapt to the impacts of a warming planet.
ADB committed $9.8 billion in climate finance from its own resources last year—$5.5 billion for mitigation and $4.3 billion for adaptation—a more than 46% increase on its 2022 climate financing commitments.
The bank’s climate adaptation finance commitments in 2023 mean that ADB has provided more than $10.4 billion in cumulative adaptation financing from 2019 to 2023—surpassing its target of $9 billion in 2019–2024 a year early. Adaptation financing is critical in Asia and the Pacific which is experiencing more extreme heat, droughts, and heavy rains, but where investments in adaptation remain a fraction of what is required.
“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. “This crisis threatens energy and food security and creates fiscal challenges. As the climate bank for Asia and the Pacific, ADB is deeply committed to helping our developing members de-fossilize their economies, progress along their climate transition pathways, and achieve their net-zero goals. We must act together, with urgency and at scale.”
Asia and the Pacific originates more than half of global carbon dioxide emissions while also being acutely vulnerable to the impacts of climate change. The region needs to invest an estimated $3.1 trillion per year in energy and transport assets alone to meet net zero by 2050—around 50% more than current levels.
