The Asian Development Bank (ADB) has unveiled a new initiative aimed at financing climate change projects in Asia Pacific countries, as concerns about the rising intensity of seasonal disasters continue to mount. The program will offer new loans worth up to $15 billion to countries for projects that combat climate change. Developed countries will provide $5 for every $1 donated. The ADB has already reached out to global financial institutions, private sector, and philanthropic organizations for collaboration. Under the initiative, Denmark, Japan, South Korea, Sweden, the UK, and the US will guarantee some of the lender’s loans and shoulder losses in case its borrowers default on their debt.
Pakistan’s minister for Climate Change, Sherry Rehman, has praised the ADB’s program and stressed the importance of being prepared for the upcoming summer. The government is working to devise a proper strategy to mitigate the effects of climate change and build resilience against it in the future, she said. The country is still grappling with the aftermath of last year’s floods, with many people in Sindh and Balochistan still without proper housing. Rehman also urged investors to invest in the government’s projects aimed at enhancing resilience against climate change.
Keywords: Asian Development Bank, climate change, financing, loans, resilience, disaster, investment, Pakistan, Sherry Rehman.
