WASHINGTON, Oct 12 (Businesshala) – The lender will increase its climate financing goals to a new target of $100 billion by 2030 and to retire coal-fired power plants, the head of the Asian Development Bank said on Tuesday. The goal is to launch your concept. Next month at the COP26 climate conference in Scotland.
The plans, revealed in an interview with Businesshala by ADB President Masatsugu Asakawa, increase the 2018 target for $80 billion in climate financing for developing countries in Asia.
“The fight against climate change will be won or lost in Asia and the Pacific, and we are committed to serving as a climate bank and long-term climate partner for our region,” Asakawa said.
An additional $20 billion in financial assistance will support climate mitigation efforts, including low-carbon energy sources, climate adaptation projects and private sector projects.
Asakawa said ADB is now planning $66 billion in climate mitigation funding by 2030, including investments in new energy storage, energy efficiency and low-carbon transportation. The Manila-based lender will plan for $34 billion in climate adaptation financing, including agricultural, urban and water adaptation projects. (Reporting by David Lauder, Editing by Chizu Nomiyama)