ADB aims to launch $12bn climate finance platform at COP 29
Seven countries – including Australia – may now back the Asian Development Bank's IF-CAP programme, amid optimism around the climate investment it will mean for Asia.
The Asian Development Bank says it is on track to launch its new $12 billion climate finance programme at the COP 29 summit in November, after a six-month delay and with Australia potentially joining its list of sovereign backers.
ADB plans to support the first transaction under the Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP) by the end of 2024, said Jacob Sorensen, the institution's director of climate change and sustainable development.
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