ADB's Focus on Climate Change and Disaster Risk Management
In the Spotlight
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.
ADB President Takehiko Nakao met with Green Climate Fund (GCF) Executive Director Howard Bamsey and members of his senior management team.
The Asian Development Bank is delivering on its goal to increase development finance to the Asia and Pacific region and is making good progress towards achieving its development and operational targets, especially in climate change and gender, says a new ADB performance review.
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.