"Scaling up finance for climate action is the only way we can turn the tide on the mounting economic challenges and human suffering caused by our rapidly warming planet. It is clear that multilateral development banks must contribute fully to this effort.
I met with Mukhtar Babayev, COP29 President, in Washington, DC to share ideas on this agenda. We discussed ADB’s contributions, including our $100 billion climate finance ambition, innovative financing modalities, and increased lending headroom through our capital adequacy reforms. We also agreed on the importance of collective action from MDBs, including further increasing resources for climate action, simplifying access to finance, and catalyzing private investment. I appreciate the COP29 Presidency’s focus on these issues and look forward to the COP29 meetings in Baku next month," Asakawa wrote on X.
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