ADB bumps up financing for war on climate change

Tokyo

THE Asian Development Bank (ADB) will double its annual contribution to spending on countering climate change to US$6 billion by 2020, its president Takehiko Nakao announced on Friday, the eve of a UN meeting in New York to discuss sustainable development goals (SDGs).

Of the US$6 billion, US$4 billion will be dedicated to mitigation through scaling up of support for renewable energy, energy efficiency, sustainable transport and building smart cities.

The remaining US$2 billion will be for "adaptation through more resilient infrastructure, climate-smart agriculture and better pr…