The Asian Development Bank (ADB) will boost its climate financing goals by $20 billion to a new target of $100 billion for the 2019-30 period and aims to launch its concept for retiring coal-fired power plants at the COP26 climate conference in Scotland next month, the lender's chief said on Tuesday.
The plans, disclosed by ADB President Masatsugu Asakawa in an interview, increase a previous $80 billion goal for climate financing for developing countries in Asia for the decade announced in 2018.
"The fight against climate change will be won or lost in Asia and the Pacific, and we are committed to serving as a climate bank and a long-term climate partner for our region," Asakawa said.
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