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KUALA LUMPUR, May 4 -- The Asian Development Bank (ADB) will increase its focus on adaptation and resilience to climate change in response to the growing threat facing Asia and the Pacific.
The regional development bank also plans to invest in more projects with climate adaptation as their primary purpose, in addition to making physical infrastructure climate-proof.
"Floods, droughts, cyclones and heat stresses are already impacting livelihoods, food and water security and the health of millions of people," its president Masatsugu Asakawa said in a statement today.
“More than 60 per cent of the people in the region work in sectors highly susceptible to changing weather patterns. We must invest more in climate adaptation," he said.
ADB’s investments will include nature-based solutions such as mangroves for coastal resilience, flood risk management-related infrastructure and climate-smart livelihood practices such as agroforestry.
The bank is working with partners that include the United Kingdom, the Nordic Development Fund and global climate funds to roll out community resilience partnership programme to support governments.
These actions are in line with its climate finance target of ensuring 75 per cent of the total number of operations support climate action and its climate finance resources reach US$80 billion (RM329.6 billion) by 2030.
Established in 1966, ADB is owned by 68 members.