Manila: ADB’s Climate Initiative reported a significant increase in cofinancing commitments, reaching $16.4 billion in 2023, a 44% rise from the previous year. This surge in funding strengthens ADB’s efforts to tackle the complex challenges faced by developing member countries, as detailed in the ‘Asian Development Bank’s Partnership Report 2023: Climate Action, Sustainable Development’.
“Working hand in hand with partners, ADB is accelerating climate action and sustainable development in the Asia and Pacific region,” stated ADB Managing Director General Woochong Um. “We are boosting renewable energy with Southeast Asia’s biggest wind power plant, the Monsoon wind power project, in the Lao PDR. We are integrating climate adaptation and mitigation measures into major transportation projects, for example, with Vanuatu’s inter-island shipping project.”
The ADB welcomed new partners in 2023, including the Global Energy Alliance for People and Planet and the International Finance Facility for Education. The bank also established new financing partnerships, such as the Innovative Finance Facility for Climate in Asia and the Pacific and the Ocean Resilience and Coastal Adaptation Financing Partnership Facility.
Resources were mobilized from a diverse array of sources, including 15 bilateral and 7 multilateral organizations, 5 global funds, 29 trust funds, and contributions from the private sector. In 2023, cofinancing for sovereign projects amounted to $9.5 billion, while nonsovereign operations secured $6.9 billion.
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