Asian Development Bank boosts climate financing goal to $100 billion through 2030

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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.

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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.

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“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.

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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)

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