Innovative Finance Facility for Climate

Innovative Finance Facility for Climate
 

News: The Asian Development Bank (ADB) recently announced the Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP) program to accelerate climate change financing in the region.
 

About:
 Launched by Asian Development Bank, it is the first-of-its-kind multi-donor financing partnership facility with the goal of scaling-up finance for accelerated action against climate change in Asia and the Pacific.
 Denmark, Japan, the Republic of Korea, Sweden, the United Kingdom, and the United States are its initial partners.
 

Benefits of IF-CAP:
 For every $1 of guarantees, ADB will be able to accelerate up to $5 in much needed climate finance.
 IF-CAP financing will help vulnerable countries in Asia and the Pacific meet their mitigation and adaptation goals.
 IF-CAP will support ADB’s raised ambition for $100 billion in climate finance from 2019-2030.
 

Which countries are eligible for IF-CAP financing?
 All ADB’s developing member countries (DMCs) are eligible. Individual financing partners may exercise discretion for certain projects based on their policies and priorities.