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ADB is providing a $38 million grant and allocating another $12 million grant from the ADB-administered Strategic Climate Fund to help the Maldives tap its ample renewable power sources and reduce its reliance on costly, polluting diesel oil-fuelled electricity.

Six leading multilateral development banks provided almost $24 billion worldwide in financing in 2013 for projects in developing and emerging economies that address the challenges of climate change, according to the third annual joint MDB report on climate finance.

The world’s six multilateral development banks today reaffirmed their shared commitment to lead by example by continuing to reinforce and further develop climate financing through a joint statement issued in advance of the United Nations Secretary-General’s Climate Summit being convened in New York on 23 September.

Countries in Asia and the Pacific should ramp up preventive measures to avert disasters from floods, storms, droughts and heat waves, in addition to better measures in response to these events, says a new paper from Independent Evaluation at the ADB.

Climate change will slash up to 9% off the South Asian economy every year by the end of this century if the world continues on its current fossil-fuel intensive path. The human and financial toll could be even higher if the damage from floods, droughts, and other extreme weather events is included.

Low-lying Bangladesh is at the front line of at-risk countries from climate change and could suffer annual losses of up to 9% of its economy by the end of this century, says a new ADB climate and economics report for South Asia.

India, one of the largest agrarian economies in the world, is deeply at risk from climate change, and could see economic losses of up to 8.7% of its gross domestic product (GDP) by 2100 if the world fails to respond to a host of climate threats, says a new ADB climate and economics report for South Asia.

Melting glaciers and other climate change-linked extremes pose a serious threat to Bhutan’s economy, and could cause annual losses of over 6% of gross domestic product (GDP) by the end of this century, says a new ADB climate and economics report for South Asia.

The Maldives, with its pancake-flat islands, is the most at-risk country in South Asia from climate change impacts, which if left unchecked, could cause annual economic losses of over 12% of gross domestic product (GDP) by the end of this century, says a new ADB climate and economics report for South Asia

Climate change-driven events like melting glaciers pose a grave risk to Nepal’s economy, and could cause losses equal to almost 10% of the country’s annual gross domestic product (GDP) by 2100, says a new ADB climate and economics report for South Asia.