The Asian Development Bank (ADB) approved $3.7 billion in climate finance investments in 2016, the bank announced on Tuesday.
Climate investments increased by 42 percent from $2.6 billion in 2015.
'Estimates show that in 2016, climate finance from ADB’s internal sources reached a record $2.65 billion for climate mitigation and $1.08 billion for climate adaptation,' the bank said.
Including financing form external sources, the bank delivered over $4.4 billion in climate finance in 2016.
“ADB remains committed to scaling up its climate financing to $6 billion by 2020, of which $4 billion will target mitigation and $2 billion adaptation,' said bank president Takehiko Nakao.
The bank is developing a Climate Change Strategic Framework, which will outline how the bank will deliver on its $6 billion goal by 2020, and the target for 2030, the bank added.
By Zeynep Beyza Kilic
Anadolu Agency
zeynep.karabay@aa.com.tr