STOCKHOLM — The Asian Development Bank says it will double its funding to fight climate change to $6 billion by 2020.
The Manila, Philippines-based ADB says that means its spending on tackling global warming will rise to about 30 per cent of its overall financing.
The bank said Friday it will dedicate $4 billion to lowering greenhouse gas emissions "through scaling up support for renewable energy, energy efficiency, sustainable transport, and building smart cities."
The remaining $2 billion will be spent on efforts to help vulnerable countries adapt to climate change, including "through more resilient infrastructure, climate-smart agriculture, and better preparation for climate-related disasters."
The announcement comes as the U.N. prepares to discuss sustainable development goals in New York and ahead of an envisioned global climate pact in Paris in December.
The Associated Press
Keep reading
Comments