ADB to present innovative financial mechanism IF-CAP in Baku

The Asian Development Bank (ADB) is set to introduce its flagship innovative financing mechanism for combating climate change in the Asia-Pacific region, known as IF-CAP, on November 12 during the COP29 in Baku, Azerbaijan.

Report informs, referring to an official statement on the bank's website, that COP29 marks the beginning of IF-CAP's launch, a strategic initiative by the Asian Development Bank to mobilize large-scale climate change financing to provide necessary funds to developing member countries.

The event dedicated to the launch of IF-CAP will be attended by ADB President Masatsugu Asakawa, officials from IF-CAP financial partners, representatives of developing member countries, and other stakeholders.

IF-CAP is a groundbreaking instrument that will enable ADB to achieve its climate financing target of over $100 billion per year and reach a level of 50% of total allocated financing by 2030.