ADB commits climate finance of almost 10 bln USD in 2023

MANILA: The Asian Development Bank (ADB) on Thursday said it committed 9.8 billion U.S. dollars in climate finance from its resources in 2023, a more than 46 percent increase on its 2022 climate financing commitments.

The ADB said its climate finance in 2023, which includes 5.5 billion dollars for mitigation and 4.3 billion dollars for adaptation, has helped its developing members in Asia and the Pacific cut greenhouse gas emissions and adapt to the impacts of a warming planet.

"Climate change threatens the future of all development. 2023 was the hottest year on record and saw a swath of extreme, deadly climate impacts in our region," said ADB President Masatsugu Asakawa, adding that the crisis threatens energy and food security and creates fiscal challenges.

As Asia and the Pacific's climate bank, the ADB said it aims to provide 100 billion dollars in climate financing from its resources from 2019 to 2030.

In 2022, the ADB committed 6.7 billion dollars of climate finance from its resources, including 4 billion dollars for mitigation and 2.7 billion dollars for adaptation.