MANILA, Philippines (April 25, 2024) — The Asian Development Bank (ADB) has allocated up to US$23.6 billion in total operating funds from ADB sources in 2023. Including $9.8 billion in funding for climate action. To help the Asia and Pacific region advance in sustainable development
ADB’s 2023 Annual Report (Annual Report 2023) released today. Breaking down the bank’s financial statements and performance, ADB is supporting its developing member countries to address the worsening climate crisis. including the effects of various conflicts food insecurity and increased debt burden Among other challenging factors
The $23.6 billion operational funding allocation includes loans, grants and grants. equity investments, guarantees and technical assistance available to both governments and the private sector. ADB also raised an additional $16.4 billion in funding. From co-financing through the cooperation of strong partners.
“ADB continues to make progress as the climate bank for Asia and the Pacific. It has achieved its highest annual climate performance ever,” said ADB President Masatsugu Asakawa. “Our investments in adaptation and mitigation are focused on Emphasis is on climate-resilient agriculture, renewable energy, and low-carbon transportation.”
In 2023, ADB committed a record $9.8 billion to climate finance. This is a sharp increase from $6.7 billion in 2022 and includes $1 billion in climate financing for nonsovereign projects. ADB Climate Invests We invest heavily in key sectors such as transportation ($2.5 billion), agriculture ($1.8 billion) and energy ($1.9 billion). For example, ADB supports government and non-government projects. 8 government projects in Uzbekistan to drive the country’s clean energy transition These projects, along with investments in wind energy by 2022, will help increase the share of renewable energy in the country by more than two-thirds and avoid 4.3 million tonnes of greenhouse gas emissions per year.
In 2023, Asia and the Pacific face another hardship. With many extreme weather events being made worse by climate change. More than 200 disasters occurred, most of which were weather-related. Directly affecting nearly 40 million people across the region in 2023. The estimated cost of damages is as high as 48 billion USD. Meanwhile, 2023 has been confirmed to be the hottest year on record worldwide. And record high temperatures have been recorded in the Lao People’s Democratic Republic (Lao PDR), Thailand and Vietnam.
ADB is also strengthening policy reform to accelerate climate action, for example in Bangladesh, a country at high risk of climate change. The bank has made loans based on policies that focus on reform. especially to promote climate adaptation Providing climate financing through ADB policy-based loans that support reforms in areas such as economic stabilization. fiscal sustainability and decentralization, increasing from US$1.4 billion in 2022 to US$1.9 billion in 2023.
ADB has invested heavily in high quality energy, transportation and other infrastructure. that are necessary for sustainable development It will also help strengthen the region’s human capital. By increasing support for education and health as well.
ADB supports quality infrastructure to support sustainable development through investments in transportation (US$4.8 billion), energy (US$2.2 billion), and water and other urban services (US$1.9 billion). million), which includes more than $1 billion to modernize Davao City’s public bus system in the Philippines. ADB also pledged $3.2 billion. To strengthen agriculture to keep up with climate change Agricultural value chain Agricultural business and natural resource management practices To address food security in the face of interconnected water and climate challenges.
To strengthen public sector management, ADB invests $3.3 billion. In education and training, $1.4 billion has been earmarked for areas such as skills and emerging jobs. school reform and employment recovery after the epidemic.
In public health, ADB has pledged $2.3 billion. to reform the sector and improve services To be in line with guidelines for managing fragile situations affected by conflict. and provided aid in the amount of 400 million US dollars. to be administered through United Nations agencies To ensure food security and health services for the people of Afghanistan.
Tackling gender inequality remains a cornerstone of the Bank’s work. Almost all operations in 2023 will help reduce various imbalances. that remains This includes support for mitigating the disproportionate gender impacts of climate change.
The report also outlines how ADB can help enhance the region’s progress towards the Sustainable Development Goals. The reform of core capital management in 2023 will strengthen the bank’s future lending operations. It will be able to allocate up to US$100 billion in loans. Within the next decade, ADB will also launch a new operating model in 2023, which will be adjusted to better work with member countries.
“The new operations will allow ADB to respond better, faster to the needs of our member countries and provide more specialized support to our member countries,” said Masatsugu Asakawa, president. ADB said
ADB is committed to developing a prosperous Asia and Pacific region. It is developed thoroughly. Ready to accept change and is sustainable Meanwhile Efforts are still being made to eradicate poverty. ADB was established in 1966 and has 68 member countries, of which 49 are from the region.
- ADB-Banpu signs 2.4 billion baht agreement to support electric tuk-tuks in Thailand and produce batteries in China.
- ADB-EA signs agreement to purchase 3.9 billion baht of electric buses, raising the level of sustainable transportation in Thailand.
- ADB points out that Thailand is vulnerable to Climate Change. Transitioning to a Net Zero economy is a policy challenge.
- ADB signs loan for cross-border wind power plant project in Lao PDR, the first in Asia.
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ADB Operations Reach $23.6 Billion in 2023, Achieve Record Climate Finance
MANILA, PHILIPPINES (25 April 2024) — The Asian Development Bank (ADB) committed $23.6 billion from its own resources in 2023, including $9.8 billion for climate action, to help Asia and the Pacific progress on sustainable development.
These figures are among the financial and results published today in ADB’s Annual Report 2023. The report summarizes how ADB supported its developing member countries (DMCs) to address the operationally worsening climate crisis as well as the impacts of conflicts, food insecurity, and increased debt. burdens, among other challenges.
“ADB continued to step up as the climate bank for Asia and the Pacific, reaching our highest-ever annual financing for climate action,” said ADB President Masatsugu Asakawa. “Our investments in adaptation and mitigation had a strong focus on climate-resilient agriculture, renewable energy, and low-carbon transport.”
The $23.6 billion comprised loans, grants, equity investments, guarantees, and technical assistance provided to governments and the private sector. Supplementing its own resources, ADB mobilized an additional $16.4 billion in cofinancing through its strong partnerships.
ADB invested heavily in building high-quality energy, transport, and other infrastructure essential for sustainable development. It further strengthened the region’s human capital through increased support for education and health.
Addressing gender inequality continued to be a cornerstone of the bank’s work, with almost all its 2023 operations contributing to reduce remaining imbalances, including support to mitigate the disproportionate gender impacts of climate change.
The report explains how ADB is evolving so it can help accelerate the region’s progress toward the Sustainable Development Goals. Major capital management reforms introduced in 2023 will bolster the bank’s future lending operations by unlocking up to $100 billion in new lending capacity over the next decade. ADB also began rolling out its new operating model in 2023, a generational transformation to improve the way the bank serves its clients.
“Our new operating model has enabled ADB to make the key shifts needed to deliver better, faster, and more tailored support to our DMCs,” said Mr. Asakawa.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.
