ADB's Focus on Climate Change and Disaster Risk Management
In the Spotlight
Recently, ADB, with additional financing from Climate Investment Funds, committed approximately $175.3 million with private sector partner PT Supreme Energy Rantau Dedap to help finance the second phase of the company's geothermal power project.
ADB has agreed $3 million in grant assistance to support immediate relief efforts in Central Sulawesi, Indonesia. An earthquake and tsunami devastated part of Sulawesi on 28 September, leaving at least 1,700 dead and another 2,500 injured.
ADB has raised €600 million to help finance climate change mitigation and adaptation projects with the issue of a 7-year green bond. Proceeds of the green bond will support low-carbon and climate resilient projects funded through ADB’s ordinary capital resources and used in its non-concessional operations.
Climate financing by the world’s six largest multilateral development banks (MDBs) rose to a 7-year high of $35.2 billion in 2017, up 28% from the previous year.
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 2017 ADB approved over $25 billion in climate financing. ADB's own resources provided $21.7 billion while external resources contributed almost $3.5 billion. Climate finance totaling $65 billion was mobilized for projects funded by the world’s six largest multilateral development banks (MDBs) in 2016.
Through mechanisms such as the Climate Investment Funds, multilateral development banks have mobilized $8.4 billion for climate action in developing countries, with $1.6 billion earmarked for Asia and the Pacific for ADB. ADB is an implementing entity of the Green Climate Fund and is accessing resources from the fund to support climate change actions in the Asia Pacific region.
- Focused Action: Priorities for Addressing Climate Change in Asia and the Pacific
- Addressing Climate Change in Asia and the Pacific: Priorities for Action
- Operational Plan for Integrated Disaster Risk Management 2014-2020
- Climate Change Operational Framework 2017–2030: Enhanced Actions for Low Greenhouse Gas Emissions and Climate-Resilient Development