Asian Development Bank boosts climate financing goal to $100 billion through 2030

The Asian Development Bank's chief said on Tuesday said the lender will boost its climate financing goals by $20 billion to a new target of $100 billion through 2030 and aims to launch its concept for retiring coal-fired power plants at the COP26 climate conference in Scotland next month.

The plans, disclosed by ADB President Masatsugu Asakawa in an interview with Reuters, increase a 2018 goal for $80 billion in climate financing for developing countries in Asia.

"The fight against climate change will be won or lost in Asia and the Pacific, and we are committed to serving as a climate bank and a long-term climate partner for our region," Asakawa said.


The additional $20 billion in financing support will provide support for climate mitigation efforts including low-carbon energy sources, climate adaptation projects and private sector projects.

Asakawa said ADB now plans for $66 billion in financing for climate mitigation financing through 2030, including for new energy storage, energy efficiency and low-carbon transportation investments. The Manila-based lender will plan for climate adaptation financing of $34 billion, including agriculture, urban and water adaptation projects. (Reporting by David Lawder Editing by Chizu Nomiyama)