Asia-Pacific is one of the most vulnerable regions to climate change (Source: AP/VNA)The Asian Development Bank (ADB) on September 25 announced it will double annual climate financing to 6 billion USD by 2020 to help countries in the Asian-Pacific region cope with climate change.
Of the total amount, 4 billion USD will be dedicated to mitigation through scaling up support for renewable energy, energy efficiency, sustainable transport, and construction of smart cities.
The remaining will be used for adaptation via more resilient infrastructure, climate-smart agriculture, and better preparation for climate-related disasters.
It is critical to tackle climate change in Asia-Pacific where rising sea levels, melting glaciers and weather extremes like floods and droughts are damaging livelihoods and taking many lives, said ADB President Takehiko Nakao.
The bank will continue to explore new and innovative co-financing opportunities with public and private partners, as well as tap institutional investment through private equity funds like the ADB-sponsored Asia Climate Partners and issue more green bonds as an important source of funding for climate operations, he added.
Nakao stressed the importance of technology in the field and said ADB will adjust its procurement systems in order to facilitate the integration of cleaner and more advanced technology into its projects./.