ADB secures close to $130m in climate financing
2 May, 2019, 1:15 pm
THE Asian Development Bank (ADB) has secured close to $130 million in climate financing from the Green Climate Fund (GCF).
ADB’s director general for the Pacific Department Carmela Locsin says ADB is scaling up its financial and technical support for the Pacific region to improve the lives of close to 13 million people.
“We are scaling up our Asian development fund annual base allocations from $6m to $13m per year for the next two years for 2019 and 2020,” she said.
“As you may see this is quite a vital boost in concessional financing resources for many of our client countries in the Pacific. We are scaling up co-financing including in such areas as climate change.
“For example, we have already secured more than $130m of grant financing from the Green Climate Fund and that financing and that partnership has led to a number of transformational projects including a climate resilient port in Nauru, a water supply project in Kiribati and renewable energy capacity in Tonga.
“We are scaling up our physical presence in the Pacific Islands and are establishing country offices in each of them, in each of our 11 developing countries in the Pacific including in Marshall Islands, Tuvalu and Micronesia.”
She said the ADB’s priorities for the Pacific for this year and beyond was to boost capacity, strengthen and activate increased private sector investment and growth.
Ms Locsin said this would help countries prepare for and cope with climate change and disasters as well as better connect the Pacific region to the rest of the world.
“We all know the Pacific Islands are some of the world’s most isolated countries so ADB is working in partnership with others to develop better physical linkages,” she said.
“The annual meeting provides a forum and exchanges such as these for all of us to discuss and nurture these aspirations and goals but at the same time it is a chance for us to pause and reflect on and celebrate the great strides that we are able to make together.”