Connect with us

Hi, what are you looking for?


ADB sets $80-billion climate financing target

THE Asian Development Bank (ADB) said Friday that it has set a target of $80 billion worth of climate financing by 2030.

The ADB is committed to helping its member countries access clean and reliable energy, ADB Chief of the Energy Sector Group Yongping Zhai said.

“Our target is to reach $80 billion in climate financing for 2019-2030. From 2009 to 2019, our clean energy financing totaled $23 billion,” Mr. Zhai told BusinessWorld in an e-mail interview Friday.

On its website, the bank committed to ensure that at least 75% of its projects will address climate change mitigation and adaptation by 2030.

The ADB said 86% of projects it funded last year are expected to contribute to mitigating climate change.

On Wednesday, a newly-formed international coalition of civil society organizations and people’s movements called on the ADB to end the funding and support for gas, coal and oil. The “Fossil Free ADB Coalition” claims that the bank has “spent around $10 billion on fossil fuel projects since 2009.”

“The ADB’s continued support for fossil fuels undermines its mission to achieve a ‘prosperous, sustainable, inclusive and resilient’ Asia and the Pacific and undercuts its commitment to climate action,” the Fossil Free ADB Coalition said in a statement.

ADB has said that it is in the process of revising its 2009 energy policy, which will guide its investment decisions until 2030.

On Friday, ADB’s Mr. Zhai said that the bank has conducted three rounds of consultations with non-governmental organizations on its updated energy policy, and will continue to consult with stakeholders.

“The new policy will reflect the global commitments on climate and sustainable development and will support our Asian developing members in their low-carbon transitions,” he said. — Angelica Y. Yang

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



Lloyd’s of London could leave its iconic City of London headquarters after four decades in one of the most consequential signs yet of how...


As we enter a new year, I want to talk about the importance of balance, perspective, support and productivity and I’m here to make...


London-based edtech company MyTutor has acquired Fire Tech, a training platform that teaches children technology skills such as coding. The acquisition will see MyTutor...


British autonomous vehicle startup Wayve has raised $200m (£147m) in a funding round backed by Microsoft and Virgin. The London-based firm will use the...


London-based contract automation platform Juro has raised $23m (£16.9m) in a Series B funding round. The funding was led by Eight Roads, a global...


To sustain business growth, it’s crucial to create key business opportunities. Don’t be so busy in your day-to-day that you miss them … Faced...

You May Also Like


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...


As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.