ADB to present innovative financial mechanism IF-CAP in Baku.
International news Desk
According to global times news agency Europe,The Asian Development Bank (ADB) is set to introduce its flagship innovative financing mechanism for combating climate change in the Asia-Pacific region, known as IF-CAP, on November 12 during the COP29 in Baku, Azerbaijan.The global times Europe media informs, referring to an official statement on the bank’s website, that COP29 marks the beginning of IF-CAP’s launch, a strategic initiative by the Asian Development Bank to mobilize large-scale climate change financing to provide necessary funds to developing member countries.The event dedicated to the launch of IF-CAP will be attended by ADB President Masatsugu Asakawa, officials from IF-CAP financial partners, representatives of developing member countries, and other stakeholders.IF-CAP is a groundbreaking instrument that will enable ADB to achieve its climate financing target of over $100 billion per year and reach a level of 50% of total allocated financing by 2030.