Key Takeaways
The Asian Development Bank (ADB) is promoting a just transition to a low-carbon and climate-resilient future in line with the Paris Agreement. As Asia and the Pacific’s climate bank, ADB is also working on its ambition to deliver $100 billion in climate finance to its developing member countries (DMCs) by 2030. To further embed climate action throughout its operations, ADB has released its Climate Change Action Plan (CCAP), 2023-2030. Here are five things to know about the CCAP:
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Asia and the Pacific is currently responsible for over 50% of global greenhouse gas emissions.
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To combat climate change effectively, limited public sector funds must be deployed to leverage significant amounts of private capital.
1. The CCAP shows how ADB will deliver on its climate finance ambitions
ADB will multiply our climate impact by catalyzing large sums of public and private climate finance. ADB’s sovereign and private sector operations will be aligned with the mitigation and adaptation goals of the Paris Agreement. The CCAP is also fully aligned with ADB’s new operating model and its four shifts that will enable the bank to increase its capacity as the region’s climate bank; strengthen its work to develop the private sector and mobilize private investments in the region; provide a larger range of high-quality development solutions for its developing member countries; and modernize ways of working to make it more responsive, agile and closer to clients.
2. The CCAP guides ADB’s approach to partnerships, finance, and knowledge
ADB will leverage partnerships that generate and deliver climate finance and knowledge by exploring new financing models, enhancing access to global climate knowledge, and engaging with civil society organizations.
The bank will also increase investment in climate finance and expand efforts to catalyze other public and private investment by working with partners, piloting new finance initiatives for climate action, and supporting DMCs to access concessional finance as well as reform their legal and regulatory frameworks to encourage private investments.
Moreover, recent reforms to how ADB manages its capital adequacy framework have unlocked $100 billion in new funding capacity over the next decade to address Asia and the Pacific’s overlapping, simultaneous crises, including the climate crisis.
3. The CCAP outlines how ADB will engage with DMCs
ADB will help its DMCs to lay the groundwork for low-carbon and climate-resilient policies, strategies and investments that will help them in achieving their nationally determined contributions, long-term strategies, and national adaptation plans.
4. The CCAP details how ADB will deliver low-carbon and climate-resilient solutions across its operations
ADB will integrate climate-smart planning and technology across sectors and thematic groups. The bank will advance inclusive and climate-resilient socioeconomic development and climate-responsive infrastructure. Intervention areas will also include biodiversity, agrifood systems, nature-based climate solutions as well as catalyzing green and blue finance.
5. ADB will regularly monitor and evaluate its progress in pursuing the plan
ADB will continue to deepen its climate expertise by recruiting additional staff and training existing staff.
The Climate Action Coordination Committee will oversee the overall implementation of CCAP. The implementation of actions listed in the CCAP will be regularly monitored and reported on. Actions may be updated or revised to ensure relevance. A midterm review of the CCAP is proposed in 2026. An annual progress report will be prepared and shared with the ADB Board of Directors.
ADB is committed to scaling up climate investments that promote carbon reduction, renewable energy, and just transition in the region. The CCAP is ADB’s guiding framework in ensuring that climate action is optimized and integrated in our day-to-day operations.
