climate change
climate change

Asian Development Bank is developing financial initiatives to boost the fight against climate change in the world, according to an official on Tuesday.

Bruce Dunn, director of environment and safeguards at Asian Development Bank (ADB), told Xinhua on the sidelines of the on going UN Environment Assembly (UNEA) that ADB is providing financial support to countries affected by natural disasters such as tsunami and is also keen to increase support to vulnerable communities.

“We need people to have access to clean water even in conditions where they are in camps for the displaced. We are aware communities are constantly dealing with social issues such as gender violence when climate change disasters strike. We are prepared to provide the financial services required to support reconstruction efforts,” Dunn said.

He said gender-based violence has emerged as a major issue of concern to multilateral lending institutions implementing projects that aim to improve welfare of communities affected by climate change.

Financial institutions such as the World Bank classified gender-based violence against women and girls as a “worldwide epidemic” at its annual meetings in 2017 and estimated its economic cost could amount to 3.7 percent of the world’s gross domestic product, equivalent to what governments spend on education globally.

“We will not solve environmental issues if we do not solve social issues,” Dunn added at a special session of the UNEA on mobilizing finance to increase the rate of investments in green technologies.

The special session was dedicated to new opportunities for banks to mobilize finance to accelerate the development of business strategies to finance sustainable development around the world.

Dunn said ADB is currently working with China to expand infrastructure for handling solid waste management in some 10 cities.

Dunn said ADB is also providing policy-based lending to help improve energy efficiency in China, in an effort to improve air quality in cities through reduced carbon emission caused by consumption by local residents.

The project aims to increase the amount of funds lent to firms which produce efficient energy products, including home heating products, solar lamps and other electrical products emitting less carbon dioxide.

Dunn said lending to the private sector and local companies would increase rapidly as technological developments also increase.

He said provision of disaster risk financing to communities for reconstruction after climate disasters such as flooding, landslides and forest fires would increase as demand also rises due to climate change. Enditem

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