The annual climate financing to the Asia-Pacific region will be doubled to $6 (£3,9bn) billion by 2020.
According to the Asian Development Bank (ADB), which will provide the funding, $4 billion (£2.6bn) will be used to support renewables, energy efficiency, sustainable transport and to build smart cities.
The construction of more resilient infrastructures, climate-smart agriculture and better preparation for climate-related disasters will be supported by a $2 billion (£1.3bn) loan.
The decision comes against the backdrop of a promise by developed countries to mobilise $100 billion ($65bn) every year from 2020 to counter climate change in developing countries, the ADB stated.
ADB’s President Takehiko Nakao said: “Nowhere is tackling climate change more critical than in Asia and the Pacific where rising sea levels, melting glaciers and weather extremes like floods and droughts are damaging livelihoods and taking far too many lives.”