ADB, Financing Partners Launch Climate Change Initiatives at COP28

Working with key partners, ADB launched several climate initiatives at the recently concluded 28th Conference of the Parties of the United Nations Framework Convention on Climate Change (COP28) in Dubai, United Arab Emirates on 30 November–12 December 2023.

As Asia and the Pacific's climate bank, ADB is scaling up climate finance and introducing innovative solutions to cut greenhouse gas emissions and invest in climate adaptation in the region. Its ambition is to provide $100 billion of its own resources in cumulative climate financing from 2019 to 2030. In 2023, ADB committed its highest-ever level of climate financing, driven in part by higher investments in sectors such as agriculture, energy, and transport. Cumulative climate financing since 2019 has reached almost $30 billion, relative to the ambition of $100 billion by 2030.

This year, ADB's financing partners supported several of ADB's climate change projects. In India, ADB and Japan are upgrading the Jawaharlal Nehru Port Container Terminal to enhance international trade through climate-resilient logistics infrastructure. In Georgia, ADB and France are cofinancing climate-smart agriculture irrigation systems and supporting institutional reforms. In Lao PDR, ADB, Canada, Japan, and private sector partners approved the construction of the largest wind power plant in Southeast Asia.

In this issue of the ADB Partnerships Newsletter, we highlight some of the key initiatives ADB and its partners launched through the various side events at the COP28.

Community Resilience Partnership Program and Small Grants Window

The Community Resilience Partnership Program (CRPP) supports initiatives to scale up community-level investments in climate adaptation, explicitly seeking to build the resilience of poor and vulnerable communities to the negative impacts of climate change. CRPP’s small grants window will provide financing to grassroots women’s organizations to test innovative ideas on building local resilience. ADB’s financing partners supporting the CRPP are the Agence Fran?aise de Développement, the Nordic Development Fund, and the United Kingdom.

Nature Solutions Finance Hub for Asia and the Pacific Region

The Nature Solutions Finance Hub (NSFH) was established to specifically focus on catalyzing finance into nature-based solutions to support nature-based climate actions and biodiversity conservation. NSFH aims to attract at least $2 billion into investment programs that incorporate nature-based solutions, particularly focused on capital markets and other sources of private capital. ADB’s financing partners supporting the NSFH are the OPEC Fund for International Development, Agence Fran?aise de Développement, and the Saudi Fund for Development.

Climate Action Catalyst Fund

The Climate Action Catalyst Fund (CACF) aims to mobilize innovative carbon finance through the purchase of carbon credits to catalyze investments in transformative mitigation actions in ADB’s developing member countries. CACF will provide up-front finance to high impact climate mitigation actions for the future delivery of carbon credits under long-term transactions, the first-of-its-kind under the Paris Agreement. The fund aims to mobilize more than $100 million in commitments. The Swedish Energy Agency is contributing 300 million Swedish krona (approximately $27 million) to the fund.

Multilateral Development Banks Joint Statement

Multilateral Development Banks (MDBs), in a joint statement released at the COP28, reaffirmed their commitment to socially inclusive, gender-responsive, and nature-positive climate and development action. The statement acknowledges how collaboration among MDBs is critical to addressing the climate crisis. It presents concrete and urgent actions to scale up climate finance, strengthen country-level collaboration, and increase cofinancing and private sector engagement in the response to climate change. The statement was jointly released by MDBs, including ADB and its financing partners, the Asian Infrastructure Investment Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Islamic Development Bank, the New Development Bank, and the World Bank Group.

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ADB Partnerships: News, Views, and Progress in Asia and the Pacific?provides monthly updates on ADB's strategic partnerships that work toward achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific.?