The Asian Development Bank (ADB) has called access to climate finance a key priority for Asia and the Pacific as governments design and implement a green and resilient recovery from the Covid-19 pandemic.
Speaking at the United Kingdom Climate and Development Ministerial, ADB President Masatsugu Asakawa said expanding access to finance is critical if developing economies in Asia and the Pacific are to meet their Paris Agreement goals to reduce greenhouse gas emissions and help adapt to the adverse impacts of climate change.
"We can no longer take a business-as-usual approach to climate change. We need to put ambitious climate actions at the centre of development," he said.
"The ADB is committed to supporting its developing member countries through finance, knowledge, and collaboration with other development partners, as they scale up climate actions and push for an ambitious outcome at COP 26 and beyond."
United Kingdom Climate and Development Ministerial is one of the premier events leading up to the United Nations Climate Change Conference (COP 26) in November.
The ADB is using a three-pronged strategy to expand access to finance for its developing members as they step up their response to the impacts of climate change, says a press release.
First, it has an ambitious corporate target to ensure 75% of the total number of its committed operations support climate change mitigation and adaptation by the end of the decade, with climate finance from its own resources to reach $80 billion cumulatively between 2019 and 2030.
The ADB has also adopted explicit climate targets under its Asian Development Fund (ADF), which provides grant financing to its poorest members.
ADF 13, which covers the period of 2021-2024, will support climate mitigation and adaption in 35% of its operations by volume and 65% of its total number of projects by 2024.
Second, the ADB is enhancing support for adaptation and resilience that goes beyond climate proofing physical infrastructure to promote strong integration of ecological, social, institutional, and financial aspects of resilience into its investments.
Third, the ADB is increasing its focus on supporting the poorest and most vulnerable communities in its developing member countries by working with the United Kingdom, the Nordic Development Fund, and the Green Climate Fund on a community resilience programme to scale up the quantity and quality of climate adaptation finance in support of local climate adaptation actions.
The ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.
Established in 1966, it is owned by 68 members, 49 from the region.