The Australian Government has guaranteed up to USD $200 million (approximately AUD $300 million) to the Asian Development Bank (ADB) to support climate action in Asia and the Pacific.
South-East Asian and Pacific countries are among the most vulnerable to climate change. Australia is committed to taking action at home and to supporting global efforts to address this challenge.
Australia is joining an initial group of founding partners including the United States, United Kingdom and Japan to provide this support.
The support is provided to a new financing facility, the Innovative Finance Facility for Climate in Asia and Pacific (IF-CAP). Collective contributions will support the ADB to deliver up to US$11 billion in climate-related loans, and boost private sector capital mobilisation.
Australia's guarantee is expected to enable the ADB to make over US$900 million in additional loans to assist Pacific and Asian countries. The loans will fund climate change mitigation and adaption projects.
This commitment was announced at COP29 in Baku, Azerbaijan, by the Assistant Minister for Climate Change and Energy Josh Wilson.
