The Asian Development Bank (ADB) based in the Philippines and its international partners launched the new program, “Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP)” joining the efforts to fight climate change in the region.
“The climate events we have experienced over the past 12 months will only increase in intensity and frequency, so we must take bold action now. IF-CAP is an exciting, innovative program that will have a real impact,” said ADB President Masatsugu Asakawa.
IF-CAP’s initial partners are Denmark, Japan, the Republic of Korea, Sweden, the United Kingdom, and the United States.
According to The Manila Bulletin, the partners are currently in discussions with ADB about providing a range of grants for project preparation along with guarantees.
The guarantees will allow ADB to free up capital to accelerate new loans for climate projects across Asia and the Pacific.
IF-CAP financing will contribute to ADB’s raised ambition for $100 billion from its own resources for climate change for 2019 to 2030, reported The Manila Bulletin.
Source: https://mb.com.ph/2023/5/1/adb-launches-new-facility-for-climate-change
