ADB to continue support in mitigating climate change related crisis in Pakistan: President.

ISLAMABAD -- Asian Development Bank President Masatsugu Asakawa Tuesday said that the ADB would continue its support in mitigating the climate change related crisis in Pakistan.

Expressing sorrow over the unprecedented losses during the recent flooding in Pakistan in a virtual press conference, the ADB president said the bank had already approved a $3 million grant to support the Government of Pakistan's emergency relief efforts amid widespread floods across the country.

He said ADB knew the suffering of Pakistani people and was committed to help Pakistan overcome the devastating impact of this natural disaster and provide immediate relief to affected families.

Responding to a question about Pakistan's recent flooding and climate issues in the press conference held virtually on the occasion of 55th ADB annual meetings, the president said Developing Asia would require US $1.7 trillion per year to support climate resilient infrastructure and to meet the infrastructure needs.

He said ADB was providing unprecedented support of $100 billion to deliver climate financing to its developing member countries from 2019 to 2030.

"To reach this $100 billion ambition we are exploring the opportunities for investments in climate change mitigation, scaling up adaptation project that focus on resilience and increasing climate financing".

He said the ADB 's ambition was also to provide at least $34 billion out of $100 billion on climate adaptation financing by 2030.

He said the grant, financed from the Asia Pacific Disaster Response Fund (APDRF), would help fund the immediate purchase of food supplies, tents, and other relief goods to support flood victims across the country.

Meanwhile the ADB also announced plans to provide at least $14 billion over 2022-2025 in a comprehensive program of support to ease a worsening food crisis in Asia and the Pacific, and improve long-term food security by strengthening food systems against the impacts of climate change and biodiversity loss.

The assistance expands ADB's already significant support for food security in the region, where nearly 1.1 billion people lack healthy diets due to poverty and food prices which have soared to record highs this year.

The funding will be channeled through existing and new projects in sectors including farm inputs, food production and distribution, social protection, irrigation, and water resources...