The Asian Development Bank (ADB) has launched a new initiative to finance climate change projects across Asia-Pacific countries as the region faces growing risks from increasingly severe seasonal disasters.
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Under the initiative, the ADB will provide up to $15 billion in new loans to support projects focused on tackling climate change and strengthening resilience against its impacts.
Developed countries are expected to provide $5 for every $1 contributed, creating additional financial support for climate-related projects across the region.
Global Partners to Support Climate Financing
The ADB has approached global financial institutions, private-sector companies and philanthropic organizations to seek collaboration under the new initiative.
Denmark, Japan, South Korea, Sweden, the United Kingdom and the United States will also guarantee some of the ADB’s loans and help absorb losses if borrowers default on their debt.
The initiative is aimed at mobilizing additional funding for countries facing increasing climate-related risks while supporting investments in projects designed to improve resilience and reduce the impact of climate change.
Sherry Rehman Welcomes ADB Initiative
Pakistan’s Climate Change Minister Sherry Rehman welcomed the ADB’s climate financing program and emphasized the need for the country to prepare for the upcoming summer season.
She said the government was working on a comprehensive strategy to mitigate the effects of climate change and strengthen Pakistan’s resilience against future disasters.
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Pakistan continues to deal with the consequences of last year’s devastating floods, with many people in Sindh and Balochistan still facing difficulties in securing proper housing.
Rehman also called on investors to support government projects aimed at improving the country’s resilience to climate change.
The new ADB financing initiative could provide additional opportunities for climate-vulnerable countries such as Pakistan to secure funding for infrastructure and other projects aimed at reducing disaster risks and adapting to a changing climate.
