ADB to Double Climate Financing to $6 Billion Annually by 2020
- Lender's spending to rise to about 30% of overall financing
- Adaptation measures to receive $2 billion of spending
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The Asian Development Bank will double financing for projects related to climate change by the end of this decade to $6 billion a year, about 30 percent of the overall financing.
About $4 billion a year will go toward mitigating the impact of global warming by supporting low-carbon forms of energy, efficiency, sustainable transport and smart cities, the Manila-based lender said in a statement. The remainder will be used for adaptation measures.