The Asian Development Bank (ADB) has secured $190 million in total funding—comprising of $85 million in grants and $105 million in concessional loans—from the Green Climate Fund (GCF) for its climate change projects in Cambodia, Mongolia, and Tajikistan, shoring up the bank’s efforts to increase its climate financing for the Asia and Pacific region. 

ADB official said ADB has a plan to provide annual climate financing of $6 billion by 2020 from its own resources. In 2017, ADB delivered over $4.5 billion in climate finance from its own resources, of which $3.6 billion was for mitigation.

In Mongolia, the GCF funding of $50 million in grant and $95 million in loan will supplement the $399 million from ADB and other partners to provide Ulaanbaatar’s peri-urban areas (ger areas) with 100 hectares of eco-districts that are low carbon, climate resilient, and livable and 10,000 green housing units that are energy efficient, affordable, and utilize renewable energy. 

Source: ADB