The Asian Development Bank (ADB) and the Green Climate Fund (GCF) have partnered to assist a green recovery for ADB member countries facing an adverse economic impact because of the Covid-19 pandemic. The partnership will explore opportunities to develop a pathway for a low-carbon and climate-resilient development in the countries across Asia-Pacific. The partners are also discussing potential areas for leveraging co-financing by GCF in the near term for the benefit of ADB’s developing member countries.
ADB has been active in climate financing. Under its Strategy 2030, ADB has ensured that 75 per cent of its committed projects will support climate change mitigation and adaptation by 2030. Climate finance from ADB’s own resources will reach $80 billion cumulatively from 2019 to 2030. In 2019 alone, ADB committed more than $6.5 billion in climate financing.
In July 2020, The ADB provided a grant of USD 54.77 million for the rehabilitation work of the Nurek hydroelectric power plant in Tajikistan. In June 2020, ADB signed a $17.7 million financing package with Spectra Solar Park Limited to invest in a 35 MW utility-scale solar photovoltaic plant in Bangladesh. In May 2020, it approved a $300 million loan for Indonesia’s state-owned geothermal energy company PT Geo Dipa Energi to expand its geothermal power generation capacity.