ADB hikes climate finance target to half of its lending

THE Asian Development Bank (ADB) said on Friday that it had approved a new goal to devote 50 percent of its annual lending to climate finance by 2030 and boost private sector capital mobilization as part of a sweeping strategy update for the rest of the decade.

The lender said the new goal was a big jump from the current 35 percent ambition and comes with a dollar-based target of $100 billion in cumulative climate finance between 2019 and 2030, with only $30 billion contributed so far.