The Asian Development Bank (ADB) will provide the funding under its new ‘Strategy 2030’ to help fight the disastrous impacts of climate change.
It says countries in Asia and the Pacific are at the highest risk of plummeting into deeper poverty and disaster if mitigation and adaptation efforts are not quickly and strongly implemented.
The bank is to prioritise support for the region’s poorest and most vulnerable nations under its new strategy.
It aims to ensure 75% of the number of its committed operations support climate change mitigation and adaptation by 2030.
ADB President Takehiko Nakao said: “Asia and the Pacific has made great progress over the last half century in poverty reduction and economic growth but there are unfinished development agendas. Under Strategy 2030, we will combine finance, knowledge and partnerships to sustain our efforts to eradicate extreme poverty and expand our vision towards a prosperous, inclusive, resilient and sustainable region.”