ADB Targets $100 Billion in Climate Finance by 2030
The Asian Development Bank announced the approval of a new roadmap aimed at helping the bank scale up support for key challenges facing Asia and the Pacific, including a new commitment to reach more than $100 billion in cumulative climate finance from 2019 to 2030, and for climate finance to reach 50% of its total annual committed financing volume by 2030.
The ADB is a regional multilateral development bank that provides loans, technical assistance, grants, and equity investments aimed at promoting social and economic development in Asia and the Pacific, and to eradicate extreme poverty.
The new roadmap was announced with the release of the ADB’s update of its corporate strategy, Strategy 2030 Midterm Review, outlining how the bank will sharpen its strategic focus to “transform in a rapidly changing development landscape and respond to challenges that threaten its vision for a prosperous, inclusive, resilient, and sustainable region.”
In addition to its new climate finance goals, aimed at boosting the region’s response to climate change, key focus areas outlined by the ADB’s new roadmap target development issues including private sector development, regional cooperation and public goods, digital transformation, and resilience and empowerment.
Alongside the climate finance goals, the ADB unveiled a series of targets aimed at expanding private sector development, including tripling its total private sector financing to reach $13 billion for the year 2030, including a minimum of $4.5 billion in direct private capital mobilization, and a goal to have 40% of sovereign operations contributing meaningfully to private sector development by 2030.
ADB President Masatsugu Asakawa said:
“Cascading shocks have derailed years of development progress in Asia and the Pacific. ADB is updating its vision, expanding its financial capacity, and modernizing its operational approach to help its members respond to these unprecedented challenges, including the accelerating climate crisis, public health crises, and economic and fiscal vulnerability. Our support is needed now more than ever. This new road map sets an unprecedented level of ambition and focus for ADB’s work and will ensure we meet the moment through bold action and transformative impact.”
Source: esgtoday.com
