Achi news desk-
Disasters have increased due to climate change
– Photo: PTI
expansion
The figures regarding climate adaptation financing in Asia given by the Asian Development Bank (ADB) are greatly exaggerated. An Oxfam report claimed so. Oxfam said it could be cut by 44%. According to figures presented by ADB, the expenditure was estimated at $1.7 billion, while the Oxfam report claimed the actual figure could be $0.9 billion. However, ADB has confirmed its figures and is still standing by its calculations.
The situation in Asia is getting worse
The ADB report evaluates 15 projects being implemented to deal with the threats of climate change in 15 countries such as Bangladesh, Cambodia, India, Indonesia, Pakistan, the Philippines, China and Papua New Guinea. Oxfam says that there are many irregularities in the data appearing in the ADB report . Some parts of the climate adaptation finance figures presented by ADB for 2021 and 2022 were also taken into account in the latest report. Sunil Acharya, Oxfam’s regional policy and advocacy coordinator for Asia, likened ADB’s data to a faulty compass that could mislead companies. According to him, Asia is warming faster than the rest of the world. Floods and landslides are increasing here. Record high temperatures are recorded in the plains. Under such circumstances, making inflated claims about climate adaptation finance is a cruel joke.
Oxfam’s report states that between 2019 and 2023, the Asian Development Bank disbursed $9.8 billion of $10.5 billion in climate adaptation finance in loans and only $0.6 billion in aid. Oxfam says these loans were also provided at market rates and cannot be considered climate adaptation finance. This increased the debt burden on weaker countries. The Oxfam report also raised questions about ADB’s lack of aid to small countries facing the greatest threat from climate change.
