Access to Climate Finance critical for Asia: ADB

MANILA: Asian Development Bank (ADB) has strongly suggested Asian and Pacific countries to significantly ramp up climate finance to implement a green and resilient recovery from the COVID-19 pandemic. Speaking at the United Kingdom Climate and Development Ministerial event, Masatsugu Asakawa, President, ADB, said that expanding access to climate finance is critical if the Asian and Pacific countries wish to meet the Paris Agreement goals and set ambitious targets for reducing greenhouse gas emissions and help adapt to the adverse impacts of climate change. He mentioned that there is need to put ambitious climate actions at the center of development and that ADB is fully committed towards assisting its developing member countries through finance, knowledge, and collaboration with other development partners.

Presently, ADB has developed a three- pronged strategy for expanding access to climate finance for its members. Firstly, ADB is targeting to commit 75 per cent of its committed operations to support climate change mitigation and adaptation by the end of the decade. Secondly, ADB is working in enhancing support for promoting ecological and social institutional financial ventures. Thirdly, ADB is collaborating with United Government, Nordic Development Fund, and Green Climate Fund for a programme on community resilience, in order to scale up the quantity and quality of climate adaptation finance, which aims to support poorest and most vulnerable communities among ADB’s developing members.