Asian Development Bank Commits Half of its Lending to Climate Finance by 2030

The Asian Development Bank (ADB) has set a new target to allocate 50% of its annual lending to climate finance by 2030, up from 35%, aiming to bolster its financial capacity and address pressing development issues in Asia and the Pacific. This includes a goal of $100 billion in cumulative climate finance by 2030, though only $30 billion has been achieved so far. ADB’s Strategy 2030 Mid-term Review emphasizes five areas: climate change, private sector development, public goods cooperation, digital transformation, and community resilience. The bank also aims to secure $13 billion in private sector financing and $4.5 billion in direct private capital by 2030, partnering with a diverse range of private entities to meet these goals. Resources: https://esgnews.com/asian-development-bank-commits-half-of-its-lending-to-climate-finance-by-2030/