Japan pledges $25 mil. for ADB’s new climate financing scheme

Japan will contribute $25 million to help countries in the Asia-Pacific region address the issue of climate change via a new financing mechanism by the Asian Development Bank, Finance Minister Shunichi Suzuki said Thursday.

The funds will go to the Innovative Finance Facility for Climate in Asia and the Pacific, through which the ADB plans to extend loans of up to $15 billion for incentivizing action on the issue in a region that is vulnerable to climate-related disasters.

“In recent years, the region has frequently suffered damage from extreme weather events and large-scale natural disasters ...