The Asian Development Bank (ADB) on Tuesday announced a funding guarantee facility to help the region reduce greenhouse gas emissions and build infrastructure resilient to the impact of climate change.
The new funding plan is the first mechanism of its kind to be developed by a development bank and reflects the pressure such lenders face from shareholders to innovate in order to tackle a climate crisis that has hit Asia hard.
"The climate events we have experienced over the past 12 months will only increase in intensity and frequency, so we must take bold action now," he said. IF-CAP will contribute to meeting the ADB's goal to use $100 billion from its own resources to combat climate change for 2019-2030, the lender said.
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