The Asian Development Bank (ADB) on Wednesday launched the Asia Clean Blue Skies Program (ACBSP) to scale up ADB's investments in improving air quality in Asia and the Pacific.
Launched at the joint forum of the Fourth Asia Pacific Clean Air Partnership in the Republic of Korea, ACBSP will support the preparation and strengthening of policies and plans in ADB's developing member countries (DMCs) to stimulate investments in projects that benefit air quality such as greenhouse gas reduction in energy, agriculture, transport, industrial, and urban development, among other sectors.
"Air pollution endangers not just public health, but also significantly threatens the environment, ecosystems, and food security of the region," said the Director General of ADB's Sustainable Development and Climate Change Department Bruno Carrasco, reports BSS citing a press release.
Through ACBSP, ADB will support the improvement of design and monitoring of projects in a way that boosts air quality in its DMCs.
The report said ACBSP will be implemented from the fourth quarter of 2022 until 2030 and will leverage technical and financial resources of ADB and its partners to build the capacity of DMCs on the design and implementation of investment projects with air quality and low carbon benefits.
The programme will support DMCs in meeting their nationally determined contributions to achieve carbon neutrality and meet commitments under the Paris Agreement.
ADB has financed more than $2.5 billion in investments in air pollution reduction in the region in the past 8 years.
All investment projects financed or administered by ADB that have environmental safeguard requirements are required to assess the air quality impacts of the projects and monitor air quality during project implementation.
ADB aims to provide $100 billion in cumulative climate finance to its DMCs from 2019 to 2030.