Developing states to get $700m ADB fund for climate change

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FE Report
The Asian Development Bank (ADB) is planning to channel around $700 million from two new investment funds to its developing member countries as part of a broad global initiative to help developing countries meet the cost of actions needed to combat climate change.
Donor countries, including Australia, France, Germany, Japan, Netherlands, Norway, Spain, Sweden, Switzerland, United Kingdom and United States, pledged over $6.1 billion in 2008 for the Clean Technology Fund and Strategic Climate Fund.
The climate investment funds (CIF) are being made available to multilateral development banks, including ADB, for climate change-related investments.
"The CIF provides concessionary funds for ADB to work together with developing member countries to transform to a low-carbon growth trajectory and strengthen their resilience to threats posed by climate change," said Xianbin Yao, Director General of ADB's Regional and Sustainable Development Department.
The Clean Technology Fund will support the deployment of low carbon energy technologies, such as wind, solar, hydro and geothermal power, as well as energy efficiency measures for industry, commercial buildings and municipalities. Activities supported by this fund will get cofinancing from ADB's regular operations, and this is expected to mobilise additional financing from both the state and private sectors.
The Strategic Climate Fund will support pilot programs on climate resilience, forest investment and scaling up renewable energy use for low-income countries, with the end goal of demonstrating effective climate mitigation and adaptation interventions that can be expanded and replicated in future.