BAKU — The Asian Development Bank will increase its climate-related lending by up to $7.2 billion after the United States and Japan agreed to underwrite risk for some existing loans, an ADB executive said, marking the first ever sovereign guarantees for climate finance.
The new strategy, shared exclusively with Reuters, offers a potential template for other development banks to follow as the UN's COP29 climate summit in Baku, Azerbaijan, starting this week focuses on ramping up the amount of finance available to developing nations.The ADB has set a long-term cumulative climate finance lending target of $100 billion between 2019 and 2030. In 2023, it lent $9.8 billion.
About half of the $90 million needed would come from the ADB scheme with the deal expected to be signed on November 20, the bank said.The ADB, based in the Philippines, has spent three years developing the guarantee deal with a group of Western governments and hopes other countries will follow soon, he added.
Hikes Climate Finance After Sovereign Guarantees
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ADB approves $1.7-B expressway loanTHE Asian Development Bank (ADB) has approved the funding of a $1.7-billion project to build a climate-change resilient expressway along Laguna Lake that will reduce peak-hour travel time between Taguig and Calamba by 25 percent.
Read more »
ADB approves $1.7-b loan for Laguna Lakeshore RoadThe Asian Development Bank (ADB) said Thursday it approved nearly $1.7 billion in financing to build a 37.5-kilometer climate-resilient expressway along
Read more »
ADB report highlights PHL’s vulnerability to climate catastrophesThe latest report from the Asian Development Bank (ADB) paints a grim picture for the Philippines, which cemented its position as the most disaster-affected nation in Southeast Asia.
Read more »
ADB warns of threat to developing Asia growthDEVELOPING Asia faces a potential 17-percent loss in its collective gross domestic product (GDP) by 2070 if high emissions persist, the Asian Development Bank (ADB) said on Thursday, underscoring the urgency for stronger and more ambitious climate action.
Read more »
Trump and trade worries cloud COP29 climate summit in BakuCOP29 kicks off in Azerbaijan amid concerns over US climate commitment and calls for $1 trillion in annual climate finance as nations grapple with the impacts of extreme weather and geopolitical tensions
Read more »
Who are the key voices at the COP29 climate summit in Baku?Here are some of the major players and negotiating blocs involved in the COP29 summit starting November 11 in Baku, Azerbaijan
Read more »