ADB committed $10.4bn for climate finance in 2023: report

The Asian Development Bank committed a record amount of more than $10.4 billion for climate finance in 2023 to help developing member countries in Asia and the Pacific region cut greenhouse gas emissions and adapt to the impacts of a warming planet. The bank committed $9.8bn in climate finance from its own resources last year, the ADB says in a report. Adaptation financing is critical in Asia and the Pacific which is experiencing extreme heat, droughts and heavy rains, but where investments in adaptation remains a fraction of what is required. Asia and the Pacific are responsible for more than half of global carbon dioxide emissions and they are also acutely vulnerable to climate change impacts. The region needs an invest of $3.1 trillion per year in energy and transport assets alone to meet net zero emissions by 2050, around 50pc more than current levels.