ADB steps up focus on climate funding: The Asian Development Bank (ADB) is setting up a funding guarantee facility that could unlock USD 15 bn to combat climate change, Bloomberg reports, citing statements by ADB President Masatsugu Asakawa. The bank’s facility, dubbed the Innovative Finance Facility for Climate Change in Asia and the Pacific (IF-CAP), could unlock bns in new loans through a USD 3 bn target in guarantees. “The region needs tns in investment to combat climate change,” Asakawa said. “To help reach that level, we need to maximize our capital in new ways — the IF-CAP will multiply ADB’s lending capacity through leverage,” he added.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Economies in the Association of Southeast Asian Nations will need some USD 3.7 tn between now and 2030 to alleviate the impact of climate change, reduce poverty, and boost economic growth. (Statement)
  • China’s Trina Solar reported an 83.4% y-o-y revenue growth for 2022, raking in some USD 12.6 bn for the year on the back of increase in product and solution lines, infrastructure, and applications. (Statement)
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