A strong agreement among world leaders in Paris meeting should lay out a clear path for industrialized countries to raise $100 billion annually by 2020 to assist developing countries in climate-change adaptation and mitigation.
This should be accompanied by robust support for technology transfer and capacity building for developing countries, said the ADB statement in time for the 21st Conference of the Parties (COP21) to the UN Framework Convention on Climate Change in Paris from 30 November to 11 December 2015.
"More than ever, Asia and the Pacific needs finance, technology and know-how from the COP21 climate agreement to help the region win the fight against climate change," the ADB said.
Keep Global Warming Below 2°C
More than 190 countries are expected to achieve a legally binding and universal agreement in COP21 to keep global warming below 2°C.
While 34 Asian countries have already submitted their respective climate pledges, the ADB noted that there is still a "need for the finance to both cut carbon emissions and to put in place the essential measures to adapt to climate change."
Among the commitments from large and small Asian countries are the following:
- People's Republic of China: Cut CO2 emissions per unit of GDP by 60-65% from 2005 levels by 2030 when CO2 emissions peak;
- India: Cut greenhouse gas emissions intensity of its economy by up to 35% by 2030;
- Samoa: Target all its energy to be from renewable sources 2025.
Development Banks to Mobilize Resources
On 30 November 2015, the heads of the world’s largest development banks pledged to work together to substantially increase climate investments and ensure that development programs going forward consider climate risks and opportunities.
“Climate finance is critical to mitigate and adapt to climate change impacts. However, finance alone is not enough. It is imperative that we combine increased finance with smarter technology, stronger partnerships and deeper knowledge,” said Takehiko Nakao, President of ADB.
Nakao had earlier announced that ADB will double its annual climate financing to $6 billion by 2020, up from the current $3 billion. ADB’s spending on tackling climate change will rise to around 30% of its overall financing by the end of this decade.
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