Launch of the Asia-Pacific Climate Finance Fund (ACliFF)
Manila, 6 May 2017 – More than fifty percent of the ADB member countries are dependent upon international assistance for the implementation of their nationally determined contributions (NDCs). In addition, these countries are currently among the most vulnerable to negative effects of extreme weather events, which, if left unabated, threaten to roll back decades of progress in the region.
It is in this context that the German Parliamentary State Secretary and Governor Hans-Joachim Fuchtel, and ADB Vice-President Bambang Susantono launched the multi-donor Asia-Pacific Climate Finance Fund (ACliFF) at the Asian Development Bank’s 50th Annual Meeting in Yokohama, Japan.
The huge financing demand to combat and adapt to climate change can only be achieved by establishing new and innovative financing instruments that help mobilize private sector capital. The aim of the ACLIFF is to reduce carbon emissions and increase adaptation measures, and leverage climate investment by reducing the risks of adoption and uptake of climate technology in high-priority sectors outlined in nationally-determined contributions and other national climate plans. In addition, the fund offers demand side support for climate risk insurance to address any remaining climate risks which cannot be efficiently managed by the current adaptation infrastructure. Germany pledged to support ACliFF with up to US$30 million, and the ADB announced an initial contribution of US$1 million for a technical assistance project to support the management of ACliFF. They both invited other countries to join the initiative.
ACliFF builds upon the climate risk insurance initiative InsuResilience.