The Asian Development Bank (ADB) plans to spend $100 billion on climate change efforts by 2030, ADB President Masatsugu Asakawa said at the opening of the Ministerial Conference of the Central Asia Regional Economic Cooperation (CAREC) Program in Tbilisi, Report informs referring to Georgian media.

In 2023, Georgia is the chairing country of CAREC and will host the 22nd CAREC Ministerial on November 30. During the event, the CAREC Vision on Climate Change document will be reviewed for approval.

“Our ambition is to fund climate change efforts with a total of $100 billion between 2019 and 2030,” Asakawa said.

He noted that as of last year, $21 billion had already been approved, of which $6.5 billion were sent to the countries of the Central Asia Regional Economic Cooperation Program.

“We also supported capital reforms that will be followed by an additional $100 billion in Asian Development Bank funding over the next decade. That’s a 40% increase in our ability to deal with crises, including climate change,” he said.