ADB to Partner on New $4 Million Facility to Help Asia Meet Climate Commitments
KATOWICE, POLAND (7 December 2018) — The Asian Development Bank (ADB) today announced the launch of the Article 6 Support Facility, a $4 million initiative to help developing member countries (DMCs) in Asia and the Pacific combat climate change through a key provision of the Paris Agreement.
Funded by ADB, the Government of Germany, and the Swedish Energy Agency, the facility will provide technical, capacity building, and policy development support to help the DMCs meet Article 6 of the Paris Agreement, in which countries have voluntarily committed to lower their carbon emissions.
The ultimate goal of the Article 6 Support Facility is for DMCs to achieve critical expertise on Article 6, draw lessons from pilot activities, and enhance their preparedness for participation in carbon markets beyond 2020, while contributing to international negotiations.
The Paris Agreement will go into effect on 1 January, 2020 and aims to limit the increase in the global average temperature to below 2°C.
“This new facility will play an important role in the implementation of the Paris Agreement and we are delighted to be establishing it at this very critical time,” says ADB Sustainable Development and Climate Change Department Director General Mr. Woochong Um.
“Climate change is a challenge that must be met on a global level and we are confident that this facility will help deliver the critical practical experience, innovation, and learning necessary for our developing member countries to meet their emissions targets.”
The facility is another step by ADB toward meeting its commitment to address climate change, a core part of its long-term strategy, Strategy 2030. The strategy commits ADB to scaling up support to address climate change, climate and disaster risks, and environmental degradation as one of seven operational priorities.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 67 members—48 from the region. In 2017, ADB operations totaled $32.2 billion, including $11.9 billion in cofinancing.