ADB operations reach $23.6 billion in 2023, achieve record climate finance
ADB operations reach $23.6 billion in 2023, achieve record climate finance
The Asian Development Bank (ADB) allocated a total of US$23.6 billion from its own resources in 2023, with $9.8 billion dedicated to climate action, to support sustainable development in Asia and the Pacific."
Drought in Central Highland province of Đắk Lắk. — VNA/VNS Photo |
These figures are part of the financial and operational results that were published in ADB's Annual Report 2023. The report provides a summary of how ADB supported its developing member countries (DMCs) in addressing the escalating climate crisis, as well as the impacts of conflicts, food insecurity, and rising debt burdens, among other challenges.
“ADB continued to step up as the climate bank for Asia and the Pacific, reaching our highest-ever annual financing for climate action,” said ADB President Masatsugu Asakawa. “Our investments in adaptation and mitigation had a strong focus on climate-resilient agriculture, renewable energy, and low-carbon transport.”
The $23.6 billion comprised loans, grants, equity investments, guarantees, and technical assistance provided to governments and the private sector. Supplementing its own resources, ADB mobilised an additional $16.4 billion in co-financing through its strong partnerships.
ADB invested heavily in building high-quality energy, transport, and other infrastructure essential for sustainable development. It further strengthened the region’s human capital through increased support for education and health.
Addressing gender inequality remained a central focus of the bank's efforts, as nearly all of its operations in 2023 actively worked towards reducing existing disparities. This included providing support to address the disproportionate effects of climate change on different genders.
The report explains how ADB is evolving so it can help accelerate the region’s progress toward the Sustainable Development Goals. Major capital management reforms introduced in 2023 will bolster the bank’s future lending operations by unlocking up to $100 billion in new funding capacity over the next decade. ADB also began rolling out its new operating model in 2023, a generational transformation to improve the way the bank serves its clients.
“Our new operating model has enabled ADB to make the key shifts needed to deliver better, faster, and more tailored support to our DMCs,” said Asakawa.
During his first official visit to Việt Nam in March this year, Asakawa reaffirmed ADB’s commitment to provide $3 billion in assistance to Việt Nam during 2024-26. In addition, ADB has pledged to mobilise $2.1 billion under the Government’s Resource Mobilisation Plan to support the Việt Nam Just Energy Transition Partnership.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members - 49 from the region.
