SDG National Commitments Form: Submission #67

Please outline briefly the commitment(s) made in the areas outlined above The UK is providing a guarantee of up to $300 million to the Innovative Finance Facility for Climate in Asia and the Pacific (IFCAP). We estimate this will unlock up to $1.8 billion in additional, affordable, effective climate finance in the region over the next 5 years, meaning up to 6 times leverage of increased climate finance compared to our guarantee commitment. Unlocked funding will enable a greater level of both adaptation and mitigation investments: IFCAP will support vulnerable populations to adapt to the impacts of climate change by increasing their resilience to natural disasters; IFCAP will also support the ADB’s work in financing renewable energy projects, energy efficiency programmes, and policy and regulatory measures to accelerate a clean and just transition from fossil fuels to low carbon energy sources. The Innovative Finance Facility for Climate in Asia and the Pacific (IFCAP) is a multi-donor financing partnership facility set up by the Asian Development Bank (ADB) with the goal of scaling-up finance for accelerated action against climate change in Asia and the Pacific.