Tuesday, February 7, 2017

ADB Climate Operations Reach a Record $3.7 Billion in 2016

The Asian Development Bank (ADB) approved $3.7 billion in climate finance investments in 2016, according to recently released figures – marking a 42 per cent boost from the $2.6 billion reached in 2015. Estimates show that in 2016, climate finance from ADB’s internal sources reached a record $2.65 billion for climate mitigation and $1.08 billion for climate adaptation.
“ADB is responding to the Paris Agreement by boosting its support to climate action in developing member countries in line with their Nationally Determined Contributions and the Sustainable Development Goals,” said ADB president Takehiko Nakao. "ADB remains committed to scaling up its climate financing to $6 billion by 2020, of which $4 billion will target mitigation and $2 billion adaptation," he said, adding that it is expected that ADB’s spending on climate change will increase to around 30 per cent of its overall financing by 2020.
In addition to its own financing, ADB mobilised $701 million from external sources, with $595 million invested in mitigation and $106 million in adaptation. Including financing form external sources, ADB delivered over $4.4 billion in climate finance in 2016.
ADB will continue to work with public and private sector partners to mobilise additional financing for climate projects, it added.
In response to climate action commitments made under the COP 21 Paris agreement by its developing member countries (DMCs), ADB is developing a Climate Change Strategic Framework. The strategic framework will spell out ADB’s future direction regarding climate change from 2017 to 2030, and will feed into ADB’s new corporate strategy toward 2030, which is currently under development. It will also outline how ADB will deliver on its $6 billion goal by 2020 and the anticipated growth in DMC demand for ADB support for climate action to 2030.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, ADB is celebrating 50 years of development partnership in the region. It is owned by 67 members, 48 from the region.

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