A new financing mechanism has been developed by the Asian Development Bank (ADB) to keep it on track to meet its commitment of increasing climate change financing to $100 billion until 2030. Know more:
INCHEON, South Korea—A new financing mechanism has been developed by the Asian Development Bank to keep it on track to meet its commitment of increasing climate change financing to $100 billion until 2030.
“By guaranteeing a portfolio of ADB’s sovereign loans, they will help to shoulder some of the loss in case of a credit event in one of our borrowers,” Asakawa said. This will also accelerate the region’s efforts to fight the ill effects of climate change. Asakawa said disasters in the region in 2020 alone led to losses worth $67 billion.
“ will multiply ADB’s lending capacity through leverage. This will allow us to crowd in substantially more resources from the private sector, and other investors who share our commitment to climate action,” he added.
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