ADB climate operations hit record $3.7B in 2016

The Asian Development Bank (ADB) approved $3.7 billion in climate finance investments in 2016, according to recently released figures – marking a 42% boost from the $2.6 billion reached in 2015. Estimates show that in 2016, climate finance from ADB’s internal sources reached a record $2.65 billion for climate mitigation and $1.08 billion for climate adaptation.

In addition to its own financing, ADB mobilized $701million from external sources, with $595 million invested in mitigation and $106 million in adaptation. Including financing form external sources, ADB delivered over $4.4 billion in climate finance in 2016.

Among the adaptation projects backed by ADB is a $500 million loan to the Bihar New Ganga Bridge Project in India, which will construct a new road bridge across the Ganges River and an integrated road network in the state of Bihar. A bank-to-bank bridge design was recommended over the alternative of building two smaller bridges and a connecting expressway, which was deemed to be more vulnerable to flooding. $200 million of the project cost is considered as addressing climate adaptation.

Among the mitigation projects, a $47 million loan to the Distributed Commercial Solar Power Project in Thailand will help deploy a total of 100 megawatts of solar photovoltaic systems on commercial and industrial infrastructure at no up-front cost to the host companies.

ADB will continue to work with public and private sector partners to mobilize additional financing for climate projects.