ADB announced the investments will come from two new investment funds and will target its developing member countries as part of a broad global initiative to help developing countries combat the challenges of climate change.
Donor countries, including Australia, France, Germany, Japan, Netherlands, Norway, Spain, Sweden, Switzerland, United Kingdom and United States, pledged over $6.1 billion in 2008 for the Clean Technology Fund (CTF) and Strategic Climate Fund (SCF).
The climate investment funds (CIF) are being made available to multilateral development banks, including ADB, for climate change-related investments.
Xianbin Yao, Director General of ADB's Regional and Sustainable Development Department, said: “The CIF provides concessionary funds for ADB to work together with developing member countries to transform to a low-carbon growth trajectory and strengthen their resilience to threats posed by climate change."
CTF will support the deployment of low carbon energy technologies, such as wind, solar, hydro and geothermal power, as well as energy efficiency measures for industry, commercial buildings and municipalities, while SCF will support pilot programs on climate resilience, forest investment and scaling up renewable energy use for low-income countries, with the end goal of demonstrating effective climate mitigation and adaptation interventions that can be expanded and replicated in future.
Read moreADB press release
