UNB :
The Asian Development Bank (ADB) committed a record amount of climate finance in 2023 to help its developing member countries (DMCs) in Asia and the Pacific cut greenhouse gas emissions and adapt to the impacts of a warming planet.
ADB committed $9.8 billion in climate finance from its own resources last year-$5.5 billion for mitigation and $4.3 billion for adaptation-a more than 46% increase on its 2022 climate financing commitments.
The bank’s climate adaptation finance commitments in 2023 mean that ADB has provided more than $10.4 billion in cumulative adaptation financing from 2019 to 2023-surpassing its target of $9 billion in 2019-2024 a year early.
Adaptation financing is critical in Asia and the Pacific which is experiencing more extreme heat, droughts, and heavy rains, but where investments in adaptation remain a fraction of what is required, said the Manila-based lending agency.
