New ADB platform to help boost financing for climate action
The Asian Development Bank has launched a new platform aimed at helping its developing member countries in Asia and the Pacific mobilise funding to meet their goals under the Paris Agreement.
The NDC Advance platform will help countries mobilize finance to implement Nationally Determined Contributions (NDCs) regarding greenhouse gas emissions that each country has voluntarily committed to under the Paris Agreement.
The announcement was made at the 24th Session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP24) in Katowice, Poland, which is aiming to finalize a rulebook for the Paris Agreement when it goes into effect on 1 January 2020.
The agreement aims to limit the increase in the global average temperature to below 2°C, while aiming for 1.5°C.
