Asian Development Bank doubles climate financing

AP News
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Posted: Sep 25, 2015 4:38 AM

STOCKHOLM (AP) — 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 percent 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.