ADB to double climate financing to US$6b for Asia-Pacific
The Asian Development Bank’s (ADB) President Takehiko Nakao announced on 25 September that the ADB will double its annual climate financing to US$6 billion by 2020, up from the current US$3 billion.
ADB’s spending on tackling climate change will rise to around 30 percent of its overall financing by the end of this decade, according to an ADB announcement.
The ADB’s announcement comes against the backdrop of a promise by developed countries to mobilise US$100 billion every year from 2020 to counter climate change in developing countries.
