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ADB to allocate $100 billion in climate finance by 2030

25 November 2024 09:55 (UTC +04:00)

The Asian Development Bank (ADB) aims to allocate 50% of its annual financing to climate finance by 2030 and provide a total of more than $100 billion in climate finance between 2019 and 2030, the Bank told APA-Economics.

Noted that loan agreements were signed between ADB and Masdar for the construction of two large solar power plants in Azerbaijan. These plants will triple the country's solar energy potential. In addition, the Asian Development Bank has allocated a loan worth $250 million to support Uzbekistan's climate transition. This program will strengthen climate resilience in the water sector and other areas.

The bank also added that ADB has signed agreements with the Solomon Islands and Tonga to reduce dependence on diesel fuel and transition to renewable energy. This financing will provide for the installation of the first large-scale energy storage system in the Solomon Islands and increase the resilience of Tonga's power grid to disasters.