ADB to double annual climate financing to $6bn

Published onDecember 18, 2019

The Asian Development Bank (ADB) has achieved a key commitment to double its annual climate investments from $3 billion in 2014, hitting a record high of more than $6 billion in climate-related financing in 2019. ADB was the first multilateral development bank (MDB) to make a climate financing commitment at the United Nations (UN) Climate Change Summit in September 2015—and has now reached its target commitment one year ahead of time. The milestone was reached with the approval of projects covering agriculture improvement in Cambodia and urban livability and climate-resilience in the People’s Republic of China (PRC). ADB’s climate-related financing for 2019 comprises $1.4 billion for financing adaptation and $4.8 billion for mitigating climate change.