Climate Change Financing at ADB
In 2015 ADB made a commitment to double climate financing from its own resources to $6 billion annually by 2020. This was the first of such announcements amongst the multilateral development banks in the lead up to the historic United Nations Climate Change Conference held in Paris. This ambitious target was based on approval of projects that integrated climate considerations and associated financing. ADB achieved this target a year ahead of time in 2019.
In 2021, ADB announced it is elevating its climate finance ambition to $100 billion by 2030. Despite the continuing challenges posed by the COVID-19 pandemic, ADB committed $4,766 million in climate finance in 2021, of which $3,438 million (72.1%) is expected to contribute to mitigating climate change and $1,328 million (27.9%) to adaptation. ADB provided $3,553 million from its own resources and mobilized $1,213 million from external resources.
Note: *- ADB administered donor trust funds, financing from multilateral climate funds such as Global Environment Facility, Climate Investment Fund, Green Climate Fund, and bilateral financing, among others.