ADB boosts climate funds
The pool of climate finances available to Southeast Asia is set to expand following an announcement by the Asian Development Bank (ADB) that it plans to double its climate funding to the region by 2020 – a move welcomed by the Cambodian government and climate NGOs on 15 December.
According to a statement by ADB president Takehiko Nakao following the conclusion of the COP21 climate meeting in Paris on 14 December, the bank aims to boost its annual climate budget to $6 billion over the next five years to support developing member countries in realising their climate strategies, or “Intended Nationally Determined Contributions” (INDC). Cambodia has already said it will need some $1.27 billion to fund its own INDC.
