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ADB commits to full alignment with Paris Agreement
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Manila: The Asian Development Bank (ADB) has announced its commitment to align its operations with the goals of the Paris Agreement.
ADB will achieve full alignment of its sovereign operations by 1 July 2023. Alignment of its nonsovereign operations will reach 85% by 1 July 2023 and 100% by 1 July 2025. As Asia and the Pacific is expected to recover from the coronavirus disease (COVID-19) pandemic, ADB also announced plans to scale up investments in adaptation and resilience, resulting in cumulative financing of $9 billion in 2019–2024.
The Paris Agreement aims to keep the rise in global temperatures to well below 2°C, preferably to 1.5°C, compared to pre-industrial levels.