ADB intends to provide $100 billion in climate finance
The Asian Development Bank intends to provide $100 billion in climate finance by 2030. This week, ADB launched an innovative financing mechanism for climate in the Asia-Pacific region, which will use guarantees from partners as leverage to accelerate much-needed investments in the fight against climate change by billions of dollars. The new program aims to mobilize up to $15 billion to finance projects aimed at reducing greenhouse gas emissions and increasing resilience to climate change.
Meanwhile, ADB Director General for Central and West Asia Evgeny Zhukov said that the countries of the region should work together to manage valuable shared natural resources for the benefit of all.
Zhukov made a statement at the ADB annual meeting, at which he presented the project "CAREC 2030: Supporting Regional Actions to Address Climate Change" - a preliminary study of climate problems and opportunities in the participating countries of the Central Asian Regional Economic Cooperation (CAREC) Program.
Climate change is expected to have a major impact on the CAREC region, which includes Central Asia, Mongolia, Pakistan, China and the South Caucasus. According to the study, an above-average temperature rise could lead to even greater water scarcity, increased desertification, and more extreme weather events such as floods and droughts.
The study recommends that the CAREC Program develop a climate change strategy identifying priority sectors for cooperation, identify projects with the greatest mitigation and adaptation potential, and propose a funding mechanism for these projects.
The ADB hosts the CAREC secretariat, and it helps promote projects that bring benefits at the regional level. Approximately US$ 50 billion has been invested in CAREC-related projects since the program was established in 2001.
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