ADB increases climate finance ambition to $100 billion by 2030

ADB increases climate finance ambition to $100 billion by 2030

Masatsugu Asakawa, ADB president said the climate crisis is worsening daily, prompting many to call for increased climate finance.

The Asian Development Bank (ADB) has expanded its environment financing to creating member countries DMCs) in the midst of interconnected difficulties of the Covid illness (COVID-19) pandemic and the environment emergency. In an assertion, the Manila-based multilateral institution said on Wednesday, Oct. 13, said it is lifting the convey of environment financing to its creating member countries to $100 billion from 2019 to 2030.

“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,” Asakawa said.

In 2018, ADB committed to ensuring at least 75 percent of the total number of its operations support climate action and its own climate finance resources reach at least a cumulative $80 billion by 2030.

ADB expects the cumulative climate financing from its own resources in 2019 to 2021 to reach about $17 billion.

“Facing the interconnected challenges of the coronavirus disease (COVID-19) pandemic and the climate crisis, many DMCs are taking bold action to promote a green, resilient, and inclusive recovery,” ADB said.

The additional $20 billion will provide support for the climate agenda in five main areas, such as new avenues for climate mitigation, a scale-up of transformative adaptation projects, and an increase in climate finance in private sector operations.

It will also cover support for a green, resilient, and inclusive recovery from COVID-19 and to advance reforms in DMCs to unlock actions through lending to support policies and institutions for enhanced climate resilience and climate mitigation.

Across these areas, ADB said the bank will continue to expand access to new, climate-focused technologies and mobilize private capital toward climate finance.  

Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
OPPO’s First Foldable Smartphone Could Arrive Sooner Than Expected
OPPO’s First Foldable Smartphone Could Arrive Sooner Than Expected
The device will be of the in-folding sort, according to the tip. In other words, unlike Huawei’s approach with the Mate X, its foldable display will be ...
On-ear Headphones Market Strategic Forecasting
On-ear Headphones Market Strategic Forecasting
Major Product Types covered are: The ‘Global On-ear Headphones Market Research Report’ is a comprehensive and informative study on the current state of the ...
Apple Seeds Second macOS Monterey Release Candidate to Developers
Apple Seeds Second macOS Monterey Release Candidate to Developers
Because Apple has made some modifications since version 12.0 started loading on newer MacBook Pro models, the candidate version is displayed as version ...
NW Washington raspberry crop dropped 30% due to heat wave
NW Washington raspberry crop dropped 30% due to heat wave
The extreme heat turned many berries to mush. On June 28, temperatures in Lynden reached 106 degrees Fahrenheit (41 Celsius) and it was hotter at berry farms ...
Mexico Surround Soundbars Market 2021 Growth
Mexico Surround Soundbars Market 2021 Growth
Surround sound is a technique for enriching the sound reproduction quality of an audio source with additional audio channels from speakers that surround the ...
Another Fantasy Sports Betting Firm Gets License from Louisiana
Another Fantasy Sports Betting Firm Gets License from Louisiana
Participants in Louisiana’s fantasy sports competitions have to be at least 21 years old. The games are permitted only in parishes where voters authorized ...
Tech Watchdog Campaign Challenges Big Tech to Hide Behind Small Businesses – TechCrunch
Tech Watchdog Campaign Challenges Big Tech to Hide Behind Small Businesses – TechCrunch
Public sentiment also seems to be moving into a phase where people widely acknowledge that even free tech platforms extract a cost, whether that’s in the form ...
Unity launches Unity Gaming Services to simplify development of cross-platform
Unity launches Unity Gaming Services to simplify development of cross-platform
The new tools will include things developers need to build live games of any size, including the ability to sync their game logic with Unity’s backend ...
US Intel previses China Could Dominate Advanced Technologies
US Intel previses China Could Dominate Advanced Technologies
National security agencies under President Joe Biden’s administration are making an aggressive public push against China, which some officials have called ...
You may owe the IRS money if they send you a letter about an error on your stimulus check
You may owe the IRS money if they send you a letter about an error on your stimulus check
The IRS stated that legislation forced them to send out payments for the pandemic immediately without checking them, a process that would normally take weeks. ...
Show next
Compsmag - Latest News from tech, business and health
Logo