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Edition: International SUBSCRIBE Get unlimited access to the SCMP HIGHLIGHTS US presidential election 2024 NEW US-China relationsHong Kong economy News Hong KongChinaEconomyAsiaWorldSportThis Week in AsiaUS Elections Business & Tech BusinessTech Opinion Latest Lifestyle LifestylePeople & CultureStylePostMagK-popOutdoorCooking More + VideoTalking PostSCMP FilmsInfographicsPicturesPodcastsSCMP SeriesExplainedSCMP SpotlightNewslettersSpecial Reports Topics US presidential election 2024US-China relationsHong Kong’s Article 23 national security lawChina’s militaryChina's economic recoveryTrending in ChinaTaiwanChina’s Communist PartyUkraine warWellness Focus Greater Bay Area Latest China Economy HK Asia Business Tech Lifestyle People & Culture World Opinion Video Sport PostMag Style - All Subscribe Advertisement Climate change OpinionComment Anthony Rowley MACROSCOPE | HOW THE ASIAN DEVELOPMENT BANK CAN BE A KEY PLAYER IN TURNING BILLIONS INTO TRILLIONS FOR CLIMATE FINANCE * THE INNOVATIVE FINANCE FACILITY FOR CLIMATE IN ASIA AND THE PACIFIC WILL LEVERAGE LENDING ON THE BACK OF MUTUAL GUARANTEES, A FIRST FOR A MULTILATERAL DEVELOPMENT BANK * OTHER DEVELOPMENT BANKS MAY TAKE INSPIRATION, BOOSTING THE GLOBAL POT FOR CLIMATE FINANCE AND TAKING THEIR PLACE AS CLIMATE LEADERS INSTEAD OF BIT PLAYERS Reading Time:3 minutes Why you can trust SCMP 0 Listen Advertisement Anthony Rowley Published: 3:30am, 7 May 2023 Debate and action on two of the most critical physical and financial challenges facing Asia and the world – climate change and infrastructure – are finally beginning to get real, as an initiative launched this month by the Asian Development Bank (ADB) at its annual meeting in Incheon, South Korea, showed. With the unprepossessing title of the Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP), it is hardly surprising that the initiative failed to take the world by storm. But the international cooperation among governments and multilateral agencies that it involves is truly groundbreaking. Put simply, governments – including those from the United States, Japan, Britain, South Korea and Denmark – plus multilateral development banks and other public and private sector agencies would guarantee loans made by the ADB so it can grow into its self-designated role as the climate bank of Asia. Advertisement SCMP GROUP ASKS FOR YOUR CONSENT TO USE YOUR PERSONAL DATA TO: * Personalised advertising and content, advertising and content measurement, audience research and services development * Store and/or access information on a device Learn more * How can I change my choice? * What if I don't consent? * How does legitimate interest work? * Do I have to consent to everything? 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Vendor preferences Accept all Confirm choices Vendor preferences CONFIRM OUR VENDORS Vendors can use your data to provide services. Declining a vendor can stop them from using the data you shared. TCF vendors INDEX EXCHANGE INC. Cookie duration: 395 (days). Data collected and processed: IP addresses, Device characteristics, Device identifiers, Non-precise location data, Precise location data, Privacy choices more Cookie duration resets each session. Uses other forms of storage. View details | Storage details | Privacy policy Consent SOVRN, INC. Cookie duration: 365 (days). Data collected and processed: IP addresses, Device characteristics, Device identifiers, Browsing and interaction data, Non-precise location data, Users’ profiles, Privacy choices more Cookie duration resets each session. Uses other forms of storage. View details | Privacy policy Consent RTB HOUSE S.A. Cookie duration: 365 (days). 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Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Browsing and interaction data, Non-precise location data, Precise location data, Privacy choices more Cookie duration resets each session. Uses other forms of storage. View details | Storage details | Privacy policy ConsentLegitimate interest RATEGAIN ADARA INC Cookie duration: 730 (days). 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 View details | Storage details | Privacy policy Consent 33ACROSS Cookie duration: 366 (days). Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Browsing and interaction data, Non-precise location data, Users’ profiles, Privacy choices more Cookie duration resets each session. 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Data collected and processed: IP addresses, Device characteristics, Device identifiers, Browsing and interaction data, Non-precise location data, Privacy choices more Cookie duration resets each session. Uses other forms of storage. View details | Storage details | Privacy policy Consent PUBMATIC, INC 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, Precise location data, Users’ profiles, Privacy choices more Uses other forms of storage. View details | Storage details | Privacy policy ConsentLegitimate interest COMSCORE B.V. Cookie duration: 720 (days). 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Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Authentication-derived 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 | Privacy policy Consent LIVERAMP Cookie duration: 365 (days). Data collected and processed: IP addresses, Device characteristics, Device identifiers, Authentication-derived identifiers, Browsing and interaction data, Non-precise location data, Privacy choices more Cookie duration resets each session. Uses other forms of storage. View details | Storage details | Privacy policy Consent SONOBI, INC Cookie duration: 60 (days). Data collected and processed: IP addresses, Device identifiers, Non-precise location data more View details | Storage details | Privacy policy ConsentLegitimate interest LOOPME LIMITED Cookie duration: 90 (days). 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View details | Storage details | Privacy policy ConsentLegitimate interest MEDIA.NET ADVERTISING FZ-LLC Cookie duration: 2190 (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 | Privacy policy ConsentLegitimate interest CONNATIX NATIVE EXCHANGE INC. Cookie duration: 31 (days). Data collected and processed: IP addresses, Device identifiers, Non-precise location data, Privacy choices more Cookie duration resets each session. Uses other forms of storage. View details | Storage details | Privacy policy Consent ADMAN INTERACTIVE SLU Cookie duration: 365 (days). 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View details | Storage details | Privacy policy ConsentLegitimate interest REVCONTENT, LLC Cookie duration: 366 (days). Data collected and processed: IP addresses, Device characteristics, Probabilistic identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Privacy choices more Cookie duration resets each session. Uses other forms of storage. View details | Storage details | Privacy policy Legitimate interest DELTA PROJECTS AB 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, Precise location data, Users’ profiles, Privacy choices more View details | Storage details | Privacy policy ConsentLegitimate interest STACKADAPT INC. 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. Uses other forms of storage. View details | Storage details | Privacy policy ConsentLegitimate interest ONETAG LIMITED Cookie duration: 396 (days). Data collected and processed: IP addresses, Device characteristics, Device identifiers, Browsing and interaction data, Non-precise location data, Privacy choices more Cookie duration resets each session. Uses other forms of storage. View details | Storage details | Privacy policy Consent IMPROVE DIGITAL Cookie duration: 90 (days). 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View details | Privacy policy ConsentLegitimate interest CELTRA INC. Doesn't use cookies. Data collected and processed: IP addresses, Device characteristics, Device identifiers, Precise location data more Uses other forms of storage. View details | Storage details | Privacy policy Consent INMOBI PTE LTD Doesn't use cookies. Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Precise location data, Users’ profiles more Uses other forms of storage. View details | Privacy policy Consent THE KANTAR GROUP LIMITED Cookie duration: 914 (days). Data collected and processed: IP addresses, Device characteristics, Device identifiers, Browsing and interaction data, Non-precise location data, Privacy choices more Cookie duration resets each session. Uses other forms of storage. View details | Privacy policy Consent NIELSEN MEDIA RESEARCH LTD. 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View details | Storage details | Privacy policy ConsentLegitimate interest ORACLE DATA CLOUD - MOAT Doesn't use cookies. Data collected and processed: IP addresses, Non-precise location data more View details | Privacy policy Legitimate interest AMAZON ADVERTISING Cookie duration: 396 (days). Data collected and processed: IP addresses, Device characteristics, Device identifiers, Authentication-derived identifiers, Browsing and interaction 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 Consent LINKEDIN IRELAND UNLIMITED COMPANY Cookie duration: 90 (days). Data collected and processed: IP addresses, Device characteristics, Device identifiers, Authentication-derived identifiers, Browsing and interaction data, Non-precise location data, Privacy choices more Cookie duration resets each session. Uses other forms of storage. View details | Storage details | Privacy policy ConsentLegitimate interest MINTEGRAL INTERNATIONAL LIMITED Doesn't use cookies. Data collected and processed: IP addresses, Device characteristics, Device identifiers, Browsing and interaction data, Privacy choices more Uses other forms of storage. View details | Privacy policy ConsentLegitimate interest DIANOMI PLC Cookie duration: 180 (days). Data collected and processed: IP addresses, Device characteristics, Device 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 SPORTORITY UK LTD Cookie duration: 1 (days). 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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 Uses other forms of storage. View details | Storage details | Privacy policy Consent Ad partners META Privacy policy Consent MEDIAMATH Privacy policy Consent MAGNITE Privacy policy Consent MOPUB (A DIVISION OF TWITTER, INC.) Privacy policy Consent CLOUDFLARE Privacy policy Consent EMX DIGITAL Privacy policy Consent YAHOO! JAPAN Privacy policy Consent LKQD Privacy policy Consent ORACLE DATA CLOUD Privacy policy Consent METAADS Privacy policy Consent Accept all Confirm choices Close We use cookies to tailor your experience and present relevant ads. By clicking “Accept”, you agree that cookies can be placed per our Privacy Policy. ACCEPT