THE Asian Development Bank said on Friday that it had approved a new goal to devote 50 percent of its annual lending to climate finance by 2030 and boost private sector capital mobilization as part of a sweeping strategy update for the rest of the decade.The lender said the new goal was a big jump from the current 35 percent ambition and comes with a dollar-based target of $100 billion in cumulative climate finance between 2019 and 2030, with only $30 billion contributed so far.
Kimura said the target would be reached with ADB's own private-sector lending and funds from partner institutions and other lenders.That includes a minimum of $4.5 billion in direct private capital mobilization — a major jump from the $1.4 billion since 2019. The lender is working with new types of private sector partners, including investment funds, philanthropies and other institutions.