ADB to Tap $700 Million from Two New Funds to Combat Climate Change

Manila, Philippines - The Asian Development Bank (ADB) is planning to channel around $700 million from two new investment funds to combat climate change.

The money is for its developing member countries as part of a broad global initiative to help developing countries meet the cost of actions needed to combat climate change. Donor countries, including Australia, France, Germany, Japan, Netherlands, Norway, Spain, Sweden, Switzerland, United Kingdom and United States, pledged over $6.1 billion in 2008 for the Clean Technology Fund and Strategic Climate Fund. The climate investment funds (CIF) are being made available to multilateral development banks, including ADB, for climate change-related investments.

The Clean Technology Fund will support the deployment of low carbon energy technologies, such as wind, solar, hydro and geothermal power, as well as energy efficiency measures for industry, commercial buildings and municipalities. Activities supported by this fund will get cofinancing from ADB

Source: IWR Online, 04 Dec 2009