Asian Development Bank lifts climate financing goal to $100 bln for 2019-2030 2021-10-14 08:58:12

Asian Development Bank will raise its climate financing goal by $20 billion to $100 billion for the 2019-2030 period and will announce its coal-fired power retiring plan at the COP26 climate conference in November, Reuters reported, citing Masatsugu Asakawa as saying.

"We are committed to serving as a climate bank and long term climate partner for Asian-Pacific region," Asakawa said.

The additional financing support will be dedicated to emission mitigation efforts including low-carbon energy sources, climate adaptation projects and private sector projects.

Asakawa said ADB plans for $66 billion for climate mitigation through 2030, comprising new energy storage, energy efficiency and low-carbon transportation investments, and the other $34 billion will be directed to agriculture, urban and water adaptation projects.

The bank is expanding its operation with private banks to attract more private sector capital to support new climate technologies and innovations, which included British insurer Prudential (PRU.L), lenders Citi (C.N) and HSBC (HSBA.L) and BlackRock Real Assets (BLK.N), planned to complete and launch a pilot investment fund in 2022 and began to plant purchase next year or early 2023.

Asakawa said that the group has finished an initial feasibility study and is now carrying on longer study in Vietnam, the Philippines and Indonesia.

A study by the Institute for Energy Economics and Financial Analysis estimated that phasing out half the coal power plants in Indonesia, the Philippines and Vietnam would require as much as $55 billion financing and strong support from Southeast Asian governments to attract financing.

(Writing by Lilya Li  Editing by Tammy Yang)
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