The Asian Development Bank (ADB) has increased its climate financing goals for ADB developing member countries (DMCs) by USD20 billion to a new target of USD100 billion for the 2019-2030 period. The previous financing target for developing countries in Asia was USD80 billion.

The additional USD20 billion will be used to finance climate mitigation measures, including low-carbon energy sources, climate adaptation projects, and private-sector projects. Through 2030, ADB intends to invest USD66 billion in new energy storage, energy efficiency, and low-carbon transportation. The bank will also be providing USD34 billion in financing for climate adaptation initiatives in agriculture, urban development, and water management.

Additionally, ADB also plans to expand its private sector activities to attract more private sector investment to finance new climate technologies and plans to use USD12 billion to attract nearly USD30 billion in new private capital.