BAKU, Azerbaijan, April 6. The Asian Development Bank (ADB) aims to deliver $100 billion in climate finance from its own resources by 2030, as part of its strategic priority to combat climate change and enhance resilience, Trend reports via the Bank.
With an operational focus on climate action, disaster resilience, and environmental sustainability under its Strategy 2030, ADB has already made significant strides towards this goal.
Currently, ADB has allocated over $30 billion towards climate finance, with $9.8 billion reported in 2023 alone. Moreover, ADB aims to ensure that 75 percent of its operations will support climate change mitigation and/or adaptation by 2030. Notably, between 2021 and 2023, the share of ADB operations dedicated to climate action has already exceeded expectations, reaching 79 percent.
ADB has elevated the combat against climate change and its repercussions to the forefront of its development agenda. Accordingly, the bank is intensifying its support to mitigate climate change impacts, tackle disaster risks, and combat environmental degradation.
Through advocacy and action, ADB champions policies, practices, and technologies aimed at reducing greenhouse gas emissions. Furthermore, it is implementing a holistic approach to integrate climate and disaster resilience across its operations. Emphasizing the critical nexus between water, food, and energy, ADB's initiatives also prioritize the promotion of environmental sustainability.