September 25, 2015 4:53 PM

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Asian Development Bank to double climate change funding

The Asian Development Bank (ADB) today said it will double its funding to fight climate change. It will now be 6 billion US dollar by 2020. The Manila, Philippines-based ADB said its spending on tackling global warming will rise to about 30 percent of its overall financing.The bank will dedicate 4 billion US dollar to lowering greenhouse gas emissions. The remaining 2 billion US dollar will be spent on efforts to help vulnerable countries adapt to climate change.The announcement comes as the UN prepares to discuss sustainable development goals in New York and ahead of an envisioned global climate pact in Paris in December.

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