ADB achieves record climate finance of $9.8 billion

MANILA: The Asian Development Bank (ADB) committed $23.6 billion from its own resources in 2023, including $9.8 billion for climate action, to help Asia and the Pacific progress on sustainable development.

These figures are among the financial and operational results published in ADB’S Annual Report 2023. The report summarises how ADB supported its developing member countries (DMCS) to address the worsening climate crisis as well as the impacts of conflicts, food insecurity, and increased debt burdens, among other challenges.

“ADB continued to step up as the climate bank for Asia and the Pacific, reaching our highest-ever annual financing for climate action,” said ADB President Masatsugu Asakawa. “Our investments in adaptation and mitigation had a strong focus on climate-resilient agriculture, renewable energy, and low-carbon transport.”

The $23.6 billion comprised loans, grants, equity investments, guarantees, and technical assistance provided to governments and the private sector. Supplementing its own resources, ADB mobilized an additional $16.4 billion in cofinancing through its strong partnerships. ADB invested heavily in building high-quality energy, transport, and other infrastructure essential for sustainable development. It further strengthened the region’s human capital through increased support for education and health.

Addressing gender inequality continued to be a cornerstone of the bank’s work, with almost all its 2023 operations contributing to reduce remaining imbalances, including support to mitigate the disproportionate gender impacts of climate change.