The new strategy, shared exclusively with Reuters, offers a potential template for other development banks to follow as the UN's COP29 climate summit in Baku, Azerbaijan, starting this week focuses on ramping up the amount of finance available to developing nations.The ADB has set a long-term cumulative climate finance lending target of $100 billion between 2019 and 2030. In 2023, it lent $9.8 billion.
About half of the $90 million needed would come from the ADB scheme with the deal expected to be signed on November 20, the bank said.The ADB, based in the Philippines, has spent three years developing the guarantee deal with a group of Western governments and hopes other countries will follow soon, he added.
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