STOCKHOLM – The Asian Development Bank says it will double its funding to fight climate change to $6 billion by 2020.
The Manila, Philippines-based ADB says that means its spending on tackling global warming will rise to about 30 percent of its overall financing.
The bank said Friday it will dedicate $4 billion to reducing greenhouse gas emissions "through scaling up support for renewable energy, energy efficiency, sustainable transport, and building smart cities."
The remaining $2 billion will be spent on efforts to help vulnerable countries adapt to climate change, including "through more resilient infrastructure, climate-smart agriculture, and better preparation for climate-related disasters."
The announcement comes as the U.N. prepares to discuss sustainable development goals in New York and ahead of an envisioned global climate pact in Paris in December.