ADB’s Record Commitment to Climate Fund

The Asian Development Bank (ADB) pledged a record amount in 2023 to the climate fund for member countries, including Bangladesh. The amount of which is 10 billion US dollars.

This International Financing Institution has never made such a promise before. This financing is intended to assist developing member countries in the Asia and Pacific region (DMCS). Its amount is about 46 percent more than in 2022.

This information was given in a press release sent from ADB’s head office in Manila on January 30, 2024.

It said the Asian Development Bank (ADB) has pledged a record amount of climate finance in 2023. This initiative of ADB is to save the world from warming to some extent. That is why the record commitment of 9.8 billion US dollars.

The organization has 5.5 billion of its own resources and has collected 4.3 billion in funding from different sources. From 2019 to 2023, ADB financed $10.4 billion for the climate sector, with commitments totaling $9 billion.

The company has provided funding beyond what was initially promised. Climate finance is crucial in the Asia-Pacific region. The region is experiencing more extreme heat, drought, and heavy rainfall.

Masatsugu Asakawa, President of ADB, said, “The climate is changing due to various reasons which threaten the future. 2023 was the warmest year ever.

Extreme heat has been experienced in our region; severe climate impacts have also affected people’s lives. The crisis threatens energy and food security and poses financial challenges.”

“Fossil-free fuels are essential for meeting the energy needs of Asia and the Pacific region. We must make progress by halting climate change and reducing carbon emissions to zero. We are deeply committed to helping achieve this goal. We must work together,” he added.

Courtesy: The Daily Jugantor online Publication.