Business Desk :
The Asian Development Bank (ADB) committed $23.6 billion from its 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 Sunday in the 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, according to a press release.
“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,” Asakawa added.
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 co-financing through its strong partnerships.
