ADB launches IFCAP

• Asian Development Bank is launching the Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP), a landmark program which will help ADB accelerate much-needed climate financing.
• IF-CAP is a multi-donor financing partnership facility with goal of scaling-up finance for accelerated action against climate change in Asia and Pacific.
• IF-CAP is a landmark program of ADB with initial partners being Denmark, Japan, Republic of Korea, Sweden, United Kingdom, and United States.
• This is the first time any multilateral development bank has adopted a program of this kind.
• Need
  • Asia and Pacific is uniquely vulnerable to impacts of climate change, such as hurricanes, droughts, heat waves, floods, and sea-level rises.
  • Immense climate financing gap.

About ADB

• Asian Development Bank (ADB) was established in the year 1966, with head office at Manila (Philippines).
• It was established after a resolution was passed at first Ministerial Conference on Asian Economic Cooperation held by United Nations Economic Commission for Asia and Far East in 1963.
• The aim of the ADB is social development by reducing poverty in the Asia Pacific with inclusive growth, sustainable growth, and regional integration. This is carried out through an 80% investment in the public sector.
• Member- 68 members (India- founding member).
• Board of Governors is the highest policy-making body, which comprises one representative from each of 68 member nations.
• Five largest shareholders –Japan, United States, China, India, and Australia.