Asian lender ADB to raise share of climate loans to 55% by 2030

Development bank to expand funding sources and private-sector partnerships

20240228N Hong Kong flood

Workers help a driver stranded during a flood that hit Hong Kong in September. Warming has proceeded faster in Asia than other regions. © Reuters

SATOSHI SHIMODA, Nikkei senior staff writer

TOKYO -- The Asian Development Bank intends to allocate 55% of its financing toward addressing climate change by the end of the decade, up from less than 40% now, Nikkei has learned.

"There's an overwhelming lack of funding to address climate change, food security and other global challenges," Tomoyuki Kimura, director-general for the ADB's strategy, policy and partnerships department, told Nikkei.

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