ADB Sets New Climate Finance Record In 2023


(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 25. The AsianDevelopment Bank (ADB) stepped up its commitment to sustainabledevelopment in Asia and the Pacific in 2023, injecting asubstantial $23.6 billion into various initiatives, Trend reports.

According to the bank, among these, $9.8 billion was earmarkedspecifically for climate action, demonstrating ADB's dedication toaddressing environmental challenges in the region.

This significant investment comprised a diverse range offinancial instruments, including loans, grants, equity investments,guarantees, and technical assistance, aimed at both governments andthe private sector. Moreover, ADB didn't go it alone; leveragingits strong partnerships, the bank mobilized an additional $16.4billion in cofinancing to amplify its impact.

"ADB continued to step up as the climate bank for Asia and thePacific, reaching our highest-ever annual financing for climateaction. Our investments in adaptation and mitigation had a strongfocus on climate-resilient agriculture, renewable energy, andlow-carbon transport," said ADB President Masatsugu Asakawa.

One of the focal points of ADB's efforts remained thedevelopment of essential infrastructure, such as energy andtransportation systems, vital for fostering sustainable growth, the bank prioritized investments in education andhealthcare to bolster the region's human capital, recognizing it asa key driver of long-term prosperity.

In line with its mission to promote equality, ADB continued totackle gender disparities head-on. Nearly all of its operations in2023 contributed to narrowing the gender gap, with specificinitiatives aimed at mitigating the disproportionate effects ofclimate change on women.

Since its establishment in 1966, ADB has been steadfast in itspursuit of a prosperous, inclusive, and resilient Asia-Pacificregion. With 68 member countries, including 49 from the regionitself, the bank remains committed to its overarching goal oferadicating extreme poverty while ensuring sustainable developmentfor generations to come.

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Trend News Agency

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