ADB announces funding plan to combat climate change

ISLAMABAD: The Asian Development Bank (ADB) has announced a new program for Climate Change Financing, which aims to provide new loans of up to $15 billion to countries for climate change projects, ARY News reported on Tuesday.

The announcement comes amid concerns that the intensity of seasonal disasters will increase further in the Asia Pacific region.

According to the ADB, donors from developed countries will provide $5 for every $1 donated. In the case of a $3 billion guarantee, loans of up to $15 billion will be provided.

Under the programme, Denmark, Japan, South Korea, Sweden, the United Kingdom and the United States will guarantee some of the lender’s loans and shoulder losses in case its borrowers default on their debt.

Furthermore, the ADB has also reached out to global financial institutions, private sector, and philanthropic organizations for collaboration.

READ: THE NEED FOR CLIMATE CHANGE FINANCE!

Minister for Climate Change Sherry Rehman says the government is working to devise a proper strategy to mitigate the effects of climate change and build resilience against it in the future.

Addressing the opening session of the Future Summit in Karachi on Wednesday, Sherry Rehman said we need to be ready for the approaching summer.

The minister said a large number of people affected by floods last year are still without proper houses in Sindh and Balochistan, Radio Pakistan reported.

She said Pakistan made a successful case for itself in the Geneva Conference and the world responded well by announcing $9 billion fund for it.

Sherry Rehman asked investors to invest in the projects that are being introduced by the government for the flood and climate change resilience program.