MANILA (Reuters) - The Asian Development Bank said on Friday it will double to $6 billion a year by 2020 its financing of projects to help Asia-Pacific countries mitigate the impact of climate change.
"Nowhere is tackling climate change more critical than in Asia and the Pacific, where rising sea levels, melting glaciers, and weather extremes like floods and droughts are damaging livelihoods and taking far too many lives," ADB President Takehiko Nakao said in a statement.
Out of the $6 billion, $4 billion will be dedicated to mitigation through scaling up support for renewable energy, energy efficiency and sustainable transport, as well as for building smart cities.
The rest will be for adaptation through more resilient infrastructure, climate-smart agriculture, and better preparation for climate-related disasters, the Manila-based lender said.
(Reporting by Karen Lema; Editing by Richard Borsuk)