ADB will boost investment in climate projects to $6bn

The Asian Development Bank will double its investment in climate change mitigation projects in the Asia-Pacific region to $6 billion a year by 2020, according to a statement on Friday.

ADB President Takehiko Nakao said: “Nowhere is tackling climate change more critical than in Asia and the Pacific, where rising sea levels, melting glaciers, and weather extremes like floods and droughts are damaging livelihoods and taking far too many lives.”

Six of the 10 countries most vulnerable to the impacts of climate change are in the Asia Pacific region, making it highly susceptible to environmental disasters, the ADB said.

The bank is based in Manila, the capital of the Philippines, and said that South Asia could lose 8.8 per cent of its annual gross domestic product by 2100, while Southeast Asia could lose 6.7 per cent of its GDP annually, if it fails to combat the climate change effectively.

$4 billion from the $6 billion total will be dedicated to mitigation through improving support for renewable energy, energy efficiency and sustainable transport, as well as for developing smart cities.

The rest will be for adaptation projects to enhance resilient infrastructure, climate-smart agriculture, and better preparation for climate-related disasters.

The ADB said it will seek to develop co-financing arrangements with public and private sector partners to help the region adapt to climate change.