UN Climate Change News, July 31 — The Asian Development Bank (ADB) has pledged to provide $80 billion in climate financing to South Asia and the Pacific over the next decade under its new Strategy 2030.

Due to the disastrous impacts of climate change, countries in Asia and the Pacific are at the highest risk of plummeting into deeper poverty — and disaster — if mitigation and adaptation efforts are not quickly and strongly implemented.

 “Asia and the Pacific has made great progress over the last half century in poverty reduction and economic growth, but there are unfinished development agendas,” said ADB President Mr. Takehiko Nakao. “Under Strategy 2030, we will combine finance, knowledge, and partnerships to sustain our efforts to eradicate extreme poverty and expand our vision towards a prosperous, inclusive, resilient, and sustainable region.”

The ADB intends to ensure that 75% of the number of its committed operations will be supporting climate change mitigation and adaptation by 2030, thus aligning its aspirations with major global commitments such as the Paris Climate Change AgreementSustainable Development Goals, the Financing for Developmentagenda, and the Sendai Framework for Disaster Risk Reduction.

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