Innovative finance is key to the fight against climate change, says ADB Climate Envoy Warren Evans at COP27. Here's why scaling up investments in adaptation can help governments achieve sustainable development in Asia and the Pacific.
So we’re here in Egypt at COP27, and much of the discussion is on the need for additional climate finance, concessional, grant, and other resources, to help countries adapt to climate change.
The question is, does ADB need to do that, and the answer is obviously yes.
We can’t achieve sustainable development without changing the way we do business in sectors to increase resilience to climate impacts, both of what we are financing, the infrastructure or whatever, but also of the communities that are served by that infrastructure.
So we have a mandate to actually increase resilience and much of the additional finance going from $80 billion to $100 billion is actually for adaptation.