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ADB increases climate financing after US, Japan provide sovereign guarantees

ADB increases climate financing after US, Japan provide sovereign guarantees

FILE PHOTO: The venue of the United Nations climate change conference, known as COP29, ahead of the summit beginning in Baku, Azerbaijan November 10, 2024. REUTERS/Maxim Shemetov/File Photo

The Asian Development Bank will increase its climate-related lending by up to $7.2 billion after the United States and Japan agreed to underwrite risk for some existing loans, an ADB executive said, marking the first-ever sovereign guarantees for climate finance.