ADB to present innovative financial mechanism IF-CAP in Baku

The Asian Development Bank (ADB) will present its flagship Innovative Facility for Climate Change Financing in Asia and the Pacific (IF-CAP) at the COP29 climate conference in Baku on November 12.

"This high-level event is the launch of IF-CAP, the Asian Development Bank's strategic initiative to mobilise large-scale climate finance to provide the necessary funds to developing member countries," Caliber.Az reports, citing the bank's official website.

The IF-CAP launch event will be attended by ADB President Masatsugu Asakawa, officials from IF-CAP's financial partners, representatives of developing member countries and other stakeholders. 

The IF-CAP is a flagship instrument that will enable ADB to meet its climate finance target of more than $100 billion per year and reach 50 per cent of total disbursed financing by 2030.

Notably, the Asian Development Bank Institute (ADBI) will convene a series of hybrid events in Baku, Azerbaijan, during COP29, bringing together policymakers, academics, central banks, and stakeholder groups from civil society and the private sector to discuss how the urgent need to mitigate and adapt to climate change is aligned to sustainable economic development.   

On November 13 at COP29, ADBI and ADB will cohost an event to focus on the practices and the challenges faced by Asian financial regulators to support an economy-wide shift to net zero, calling for regional-level discussions to promote convergence. 

By Khagan Isayev