Devdiscourse, 23rd October 2018
The Asian Development Bank (ADB) has secured $108 million in funding from the Green Climate Fund (GCF) for its climate change projects, shoring up the bank’s efforts to increase its climate financing for the Asia and Pacific region.
The Asian Development Bank (ADB) has secured $108 million in funding from the Green Climate Fund (GCF) for its climate change projects, shoring up the bank's efforts to increase its climate financing for the Asia and Pacific region.
The new funding—comprising $71 million in grants and $37 million in concessional loans—was approved during the 21st meeting of the GCF board on 17-20 October in Manama, Bahrain, and will provide co-financing support to three ADB-financed projects in Kiribati, Pakistan, and Tonga.
"ADB has a bold plan that 75% of its projects will address climate mitigation and adaptation by 2030," said ADB's Sustainable Development and Climate Change Department Director General Mr Woochong Um. "The funding from GCF will complement this effort and support the deployment of innovative technologies to address climate change challenges in Kiribati, Pakistan, and Tonga."