TLTP
ISLAMABAD
The Asian Development Bank (ADB) has called access to climate finance a key priority for Asia and the Pacific as governments design and implement a green and resilient recovery from the coronavirus disease (Covid-19) pandemic.
Speaking at the United Kingdom Climate and Development Ministerial — one of the premier events leading up to the United Nations Climate Change Conference (COP 26) in November — ADB President Masatsugu Asakawa said that expanding access to finance is critical if developing economies in Asia and the Pacific are to meet their Paris Agreement goals to reduce greenhouse gas emissions and help adapt to the adverse impacts of climate change, said a press statement issued here on Wednesday.
“We can no longer take a business-as-usual approach to climate change. We need to put ambitious climate actions at the centre of development,” Asakawa said.
He said that ADB is committed to supporting its developing member countries through finance, knowledge and collaboration with other development partners, as they scale up climate actions and push for an ambitious outcome at COP 26 and beyond.
He said that ADB is using a three-pronged strategy to expand access to finance for its developing members as they step up their response to the impacts of climate change.
First, the ADB has an ambitious corporate target to ensure 75 percent of the total number of its committed operations support climate change mitigation and adaptation by the end of the decade, with climate finance from ADB’s own resources to reach $80 billion cumulatively between 2019 and 2030.
The ADB has also adopted explicit climate targets under its Asian Development Fund (ADF), which provides grant financing to its poorest members. ADF 13, which covers the period of 2021–2024, will support climate mitigation and adaptation in 35 percent of its operations by volume and 65 percent of its total number of projects by 2024.
Second, the ADB is enhancing support for adaptation and resilience that goes beyond climate proofing physical infrastructure to promote strong integration of ecological, social, institutional, and financial aspects of resilience into ADB’s investments.
Third, the ADB is increasing its focus on supporting the poorest and most vulnerable communities in its developing member countries by working with the United Kingdom, the Nordic Development Fund, and the Green Climate Fund on a community resilience program to scale up the quantity and quality of climate adaptation finance in support of local climate adaptation actions, he further said.
