ADB to double annual climate financing for Asia-Pacific by 2020

Manila, September 27. Asian Development Bank, ADB president Takehiko Nakao announced that ADB will aimed to double its annual climate financing to 6 billion dollar by 2020, up from the current 3 billion dollar.

ADB's spending on tackling climate change will rise to around 30% of its overall financing by the end of this decade.

ADB's announcement comes against the backdrop of a promise by developed countries to mobilize $100 billion every year from 2020 to counter climate change in developing countries.