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Iniciar sessão com o GoogleIniciar sessão com o Google Home India Karnataka Opinion World Business Budget 2024 Sports Entertainment Video DH Specials Newsletters ePaper Sign in News Shots Explainers Bengaluru Science Trending Photos DH Brandspot × ADVERTISEMENT ADVERTISEMENT Homebusiness ADB 'OVERSTATED' CLAIMS ON CLIMATE ADAPTATION FINANCE IN ASIA: OXFAM 'We stand by our climate adaptation finance numbers which are calculated based on the joint-multilateral development bank methodology. This is important to ensure all MDBs (multilateral development bank) report climate finance numbers that are consistent and comparable,' said ADB spokesperson. PTI Last Updated : 02 May 2024, 03:21 IST Follow Us : 0 ADB and Oxfam logo and names. Credit: X/@ADB_HQ and oxfamgb New Delhi: The Asian Development Bank's actual finance numbers for its largest climate adaptation projects in countries in Asia, including India, are 'overstated' and could be off by 44 per cent— $0.9 billion instead of the reported $1.7 billion, Oxfam claimed in a report. ADVERTISEMENT ADVERTISEMENT The ADB, however, reaffirmed its figures, standing by its methodology and commitment to deliver $100 billion in climate financing by 2030, with $34 billion earmarked for adaptation and resilience. "We stand by our climate adaptation finance numbers' and the bank's determination is to fulfil its climate financing goals and its recent increase in climate finance commitments in 2023," a spokesperson of the Asian Development Bank (ADB) said, responding to the report released by Oxfam, a non-profit. The report Unaccountable Adaptation: The Asian Development Bank's overstated claims on climate adaptation finance is focused on ADB's largest climate adaptation projects in Asia and the Pacific, and is examining 15 major initiatives spread across countries such as Bangladesh, Cambodia, India, Indonesia, Pakistan, the Philippines, China and Papua New Guinea. ADVERTISEMENT In it, Oxfam, highlighted 'significant discrepancies' in the multilateral development bank's reported figures. Also Read: ADB RAISES INDIA'S GDP GROWTH FORECAST FOR FY25 TO 7% ON ROBUST INVESTMENT, CONSUMER DEMAND Also Read:ADB raises India's GDP growth forecast for FY25 to 7% on robust investment, consumer demand "The actual climate adaptation finance provided by ADB may be substantially lower than what was officially reported— $0.9 billion instead of the claimed $1.7 billion, a difference of 44 per cent," the report said. "These projects collectively represented a significant portion of ADB's reported adaptation finance in 2021 and 2022," it said. Regional policy and campaigns coordinator- Asia at Oxfam International, Sunil Acharya, likened the ADB's disclosure of figures to a 'malfunctioning compass misleading communities relying on promised climate finance'. "Asia has been warming faster than the global average. The frequency of flash floods, avalanches in mountain regions has increased, and the plains are witnessing record-breaking high temperatures with dry conditions. In this alarming situation, the overstated climate finance claims feel like a cruel joke for those trying to uphold their dignity amid extreme climate challenges," he said. The report said that between 2019 and 2023, the majority of climate adaptation funding by the ADB— $9.8 billion (93 per cent) out of $10.5 billion, was allocated as loans, with only $0.6 billion (6 per cent) provided as grants. The non-profit argued that these loans, given at market rates, should not be counted as climate adaptation finance as they risk burdening vulnerable countries with increased debt. Also Read: VEDANTA PLANS TO INVEST $20 BN IN INDIA IN 4 YEARS; CHAIRMAN ANIL AGARWAL SAYS WILL SELL STEEL BUSINESS ONLY AT RIGHT PRICE Also Read:Vedanta plans to invest $20 bn in India in 4 years; Chairman Anil Agarwal says will sell steel business only at right price 'Oxfam calculated the 'grant equivalent' — the more accurate measure of the present value of the finance to recipients— of the 15 projects to be just $0.3 billion out of the reported $1.7 billion. Further accounting for increases in interest rates, the recipients of these projects are estimated to repay $8.5 billion at present rates, an alarming 24 per cent increase from the initial $6.8 billion at initial interest rates," the report said. Furthermore, Oxfam's analysis raised concerns about the distribution of the ADB's climate finance, noting that only a small fraction reached Small Island Developing States (3 per cent) and Least Developed Countries (25 per cent) in the region, despite their acute vulnerability to climate impacts. It has called on the ADB to enhance its climate finance assessments, urging 'greater transparency and evidence-based reporting'. The organisation emphasised the need for increased grant-based and concessional finance to support the most vulnerable countries in adapting to climate change. In a written response to queries sent by PTI, the ADB spokesperson said, "We stand by our climate adaptation finance numbers which are calculated based on the joint-multilateral development bank methodology. This is important to ensure all MDBs (multilateral development bank) report climate finance numbers that are consistent and comparable." "Oxfam’s findings are not directly comparable to ADB’s reporting. Oxfam uses a different methodology with key differences from the joint-MDB methodology. Oxfam's review also covers a limited time period and a small set of projects," the official said. Also Read: DGCA DEREGISTERS BANKRUPT GO FIRST'S 54 PLANES Also Read:DGCA deregisters bankrupt Go First's 54 planes "As Asia and the Pacific's climate bank, ADB is determined to deliver on our ambition to provide $100 billion in climate financing— including $34 billion for adaptation— from our own resources from 2019 to 2030. ADB committed $9.8 billion in climate finance from its own resources in 2023— $5.5 billion for mitigation and $4.3 billion for adaptation, a more than 46 per cent increase on its 2022 climate financing commitments," the spokesperson said. 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View details | Storage details | Privacy policy ConsentLegitimate interest EASYMEDIA GMBH Cookie duration: 365 (days). Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Browsing and interaction data, Non-precise location data, Precise location data, Users’ profiles, Privacy choices more Cookie duration resets each session. View details | Storage details | Privacy policy Consent REMERGE GMBH Doesn't use cookies. Data collected and processed: IP addresses, Device characteristics, Device identifiers, Browsing and interaction data, Non-precise location data more Uses other forms of storage. View details | Privacy policy ConsentLegitimate interest ADVANCED STORE GMBH Cookie duration: 365 (days). Data collected and processed: Device identifiers more Cookie duration resets each session. Uses other forms of storage. View details | Storage details | Privacy policy ConsentLegitimate interest MAGNITE CTV, INC. 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View details | Privacy policy Consent SMARTOLOGY LIMITED Doesn't use cookies. Data collected and processed: IP addresses more Uses other forms of storage. View details | Privacy policy ConsentLegitimate interest IMPROVE DIGITAL Cookie duration: 90 (days). Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Authentication-derived identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Precise location data, Users’ profiles, Privacy choices more Cookie duration resets each session. View details | Storage details | Privacy policy ConsentLegitimate interest ADOBE ADVERTISING CLOUD Cookie duration: 365 (days). Data collected and processed: IP addresses, Device identifiers, Authentication-derived identifiers, Privacy choices more View details | Storage details | Privacy policy ConsentLegitimate interest BANNERFLOW AB Cookie duration: 366 (days). 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Data collected and processed: IP addresses, Device characteristics, Device identifiers, Authentication-derived identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Users’ profiles, Privacy choices more Cookie duration resets each session. View details | Storage details | Privacy policy Consent AUDIENCEPROJECT A/S Cookie duration: 365 (days). Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Authentication-derived identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Users’ profiles, Privacy choices more Cookie duration resets each session. Uses other forms of storage. View details | Storage details | Privacy policy ConsentLegitimate interest DEMANDBASE, INC. Cookie duration: 730 (days). 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Data collected and processed: IP addresses, Device identifiers, Browsing and interaction data, User-provided data, Users’ profiles, Privacy choices more Cookie duration resets each session. Uses other forms of storage. View details | Storage details | Privacy policy ConsentLegitimate interest ADOBE AUDIENCE MANAGER, ADOBE EXPERIENCE PLATFORM Cookie duration: 180 (days). Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Authentication-derived identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Precise location data, Users’ profiles, Privacy choices more Cookie duration resets each session. View details | Storage details | Privacy policy Consent LOCALSENSOR B.V. Doesn't use cookies. Data collected and processed: IP addresses, Device characteristics, Device identifiers, Non-precise location data, Precise location data, Privacy choices more Uses other forms of storage. 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Data collected and processed: IP addresses, Device characteristics, Browsing and interaction data, User-provided data, Non-precise location data, Privacy choices more Uses other forms of storage. View details | Storage details | Privacy policy ConsentLegitimate interest LIFTOFF MONETIZE AND VUNGLE EXCHANGE Doesn't use cookies. Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Authentication-derived identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Precise location data, Users’ profiles, Privacy choices more Uses other forms of storage. View details | Privacy policy ConsentLegitimate interest THE MEDIAGRID INC. Cookie duration: 365 (days). 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Privacy policy Consent DENTSU Privacy policy Consent KOBLER Privacy policy Consent WIDESPACE Privacy policy Consent VIMEO Privacy policy Consent ORACLE DATA CLOUD Privacy policy Consent Accept all Confirm choices Close Iniciar sessão com o GoogleIniciar sessão com o Google Home India Karnataka Opinion World Business Budget 2024 Sports Entertainment Video DH Specials Newsletters ePaper Sign in News Shots Explainers Bengaluru Science Trending Photos DH Brandspot × ADVERTISEMENT Keep on reading Viral video | 'Ex-girlfriend' beats up groom after crashing his weddingThe lady is seen hitting the groom, leading him to tumble and fall on the stage.Deccan Herald Undo 'Doesn’t seem like suicide': Elon Musk on Indian OpenAI whistleblower's deathSuchir Balaji's mother Poornima Ramarao demanded an FBI probe on the matter and alleged that his son's death was a 'cold blooded murder', which was 'declared by the authorities as suicide'.Deccan Herald Undo UP: Man fatally stabs brother over property dispute, heldAdditional Superintendent of Police (ASP) Ram Araj said that at around 9 pm on Sunday, Dinesh Saini stabbed his brother Mohit (25) to death at Dhaulagarh village under the Noorpur police station limits following a quarrel over a newly-constructed house.Deccan Herald Undo McDonald's opens first-ever restaurant in SikkimSikkim is the second state of the North Eastern region where the American burger chain has entered after Assam.Deccan Herald Undo ' ' ' ' ' ' Trump says extension of the debt ceiling will 'go down as one of the dumbest political decisions made in years'Under that deal, Congress suspended the debt ceiling until Jan. 1, 2025. The US Treasury will be able to pay its bills for several more months, but Congress will have to address the issue at some point next year.Deccan Herald Undo How Does Amazon Ads Help Brands Engage Audiences All Day? A Golden Retriever Might Have The Answer!Explore Amazon Ads With Tucker The Retriever And Discover New Ways To Reach Your Audience Everywhere They Shop And Play.Insider| SponsoredSponsored Learn More Undo 17 Legitimate Ways To Get Money FastBankrate| SponsoredSponsored Learn More Undo 8 illegal Bangladeshi immigrants deported: Delhi PoliceThose deported are Jahangir, his wife and their six children, hailing from Kekerhat village in Madaripur district of Bangladesh, an official said.Deccan Herald Undo Railway ticket inspector arrested for job scamThe accused, Govindaraju, 49, a resident of Nagarbhavi and chief ticket inspector with South Western Railways (SWR), was detained on December 28.Deccan Herald Undo Maharashtra Women's Commission directs Mumbai cops to act on actor Prajakta Mali's plaint against BJP MLA Suresh DhasThe commission stated that the issue was serious and directed the Mumbai Police Commissioner to act immediately and submit a factual report.Deccan Herald Undo ‘Hanging out with Jimmy Carter,’ Biden faces the echoes of historyIn many ways, Biden and Carter were a study in contrasts. Unlike Carter, a quintessential outsider from Georgia who never served in political office in Washington until becoming president, Biden has been a creature of the capital for more than a half-century.Deccan Herald Undo Man injured in knife attack after calling off relationship with womanA Kapil Nagar police station official said that the incident took place in SRK Colony in Uppalwadi on Friday.Deccan Herald Undo Finally a video has appeared that explains the true root cause of hearing lossScience behind hearing loss and what you can do about itHearing Journal| SponsoredSponsored Learn More Undo IBM: Cost of enterprise data breach hits post-pandemic highNetwork World| SponsoredSponsored Learn More Undo Pitch-perfect: Kambli changes stance, dances in hospital during recovery; video goes viralKambli (52) initially complained of urinary infection and muscle cramps following which he was admitted to Akruti Hospital in the Kalher area of Bhiwandi town on December 21.Deccan Herald Undo Ex-MP D K Suresh files plaint against woman over 'misuse' of his nameThe woman identified as Aishwarya Gowda and her husband Harish K N were arrested on a complaint by Vanitha Aithal, owner of Vaarahi World of Gold in Chandra Layout in the city.Deccan Herald Undo