The Asian Development Bank (ADB) has committed to allocate half of its annual lending to climate-finance by 2030. This amount is more than previous target, which was 35%. This ambitious goal is part of a bigger plan to gather $100 billion in total climate finance from the years 2019 through 2030. However, only $30 billion has been confirmed at this point. ADB also plans to expand private sector financing, aiming at $13 billion target by year 2030.

Moreover, ADB focuses on five significant development issues in its new approach including: public health, digital transformation, and improving conditions for vulnerable communities. ADB’s goal is to gather at least $4.5 billion in private funds directly, which is notably more than the $1.4 billion raised since 2019. The strategy shows how the bank is addressing a series of challenges in Asia and the Pacific. The reforms are created to unlock more financial resources to satisfy the increasing needs of member nations.