Region: Global
Topic: Climate-Smart
Keywords: Renewable Energy
Document Link(s):
Document Summary:
Meeting the growing global demand for energy and natural resources is destabilizing our climate, and threatening the development and security of Asia and the Pacific. The poor are particularly vulnerable to these changes and are already suffering from rising sea levels and increasingly devastating storms, droughts, and floods. The intensity and frequency of extreme climate events is expected to increase with climate change, potentially exacerbating this trend in the future.
From 2011 to 2018 ADB approved over $29 billion in climate financing. ADB's own resources provided $25.3 billion while external resources contributed almost $3.9 billion. Climate finance totaling $111 billion was mobilized for projects funded by the world’s six largest multilateral development banks (MDBs) in 2018.
Through mechanisms such as the Climate Investment Funds, multilateral development banks have mobilized $8 billion for climate action in developing countries, with $1.4 billion earmarked for Asia and the Pacific for ADB. ADB is an accredited entity of the Green Climate Fund and is accessing resources from the fund to support climate change actions in the Asia Pacific region.
Document Details:
Meeting the growing global demand for energy and natural resources is destabilizing our climate, and threatening the development and security of Asia and the Pacific. The poor are particularly vulnerable to these changes and are already suffering from rising sea levels and increasingly devastating storms, droughts, and floods. The intensity and frequency of extreme climate events is expected to increase with climate change, potentially exacerbating this trend in the future.
From 2011 to 2018 ADB approved over $29 billion in climate financing. ADB's own resources provided $25.3 billion while external resources contributed almost $3.9 billion. Climate finance totaling $111 billion was mobilized for projects funded by the world’s six largest multilateral development banks (MDBs) in 2018.
Through mechanisms such as the Climate Investment Funds, multilateral development banks have mobilized $8 billion for climate action in developing countries, with $1.4 billion earmarked for Asia and the Pacific for ADB. ADB is an accredited entity of the Green Climate Fund and is accessing resources from the fund to support climate change actions in the Asia Pacific region.
Updated: October 25, 2021