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ADB sets record with USD9.8bn climate finance in 2023

The Asian Development Bank (ADB) has pledged a record USD9.8bn in climate finance for 2023 to support Asia and the Pacific in reducing emissions and adapting to climate change, marking a 46% increase from 2022. This initiative includes USD5.5bn for mitigation and USD4.3bn for adaptation, surpassing its USD9bn target for 2019-2024 a year early. ADB President Masatsugu Asakawa emphasised the critical challenge climate change poses to the region, which is responsible for over half of the world’s CO2 emissions yet faces significant vulnerability to climate impacts. ADB’s commitment aims to catalyze the region’s transition to a sustainable, net-zero future by 2050, with flagship projects in Bangladesh, the Philippines, and the Federated States of Micronesia highlighting its efforts.


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