Funds Needed To Enhance Climate Change Adaptation, Response Resilience: ADB

Xinhua/APP

Manila: The climate change, geopolitical tensions and diseases have strained the financial capacities of developing members so there is a need for Asian Development Fund (ADF) grants to support their recovery efforts and long-term development plans, said a new report.

According to the Asian Development Bank (ADB) Independent Evaluation Department’s (IED) new report released on Thursday, more concessional resources are needed for climate change adaptation, where governments tend to underinvest.

The ADF, which provides grants to its poorest and most vulnerable members, has enabled the bank to target small island developing areas and provide timely responses to crises.

IED Director General Emmanuel Jimenez said there is an opportunity to enhance ADF’s impact in several ways.More attention is needed to support the design, implementation, evaluation and learning from transformative investments related to the ADF thematic priorities of enhancing climate resilience and adaptation, the report added.