The Asian Development Bank (ADB) announced it has increased its climate financing for private sector operations to USD1bn in 2023, with 75% of projects including climate-related funding. According to its 2023 Development Effectiveness Report, ADB committed 40 private sector transactions totaling USD1.7bn, a 54% increase from the previous year. The bank also achieved USD3.4bn in long-term cofinancing with the private sector, focusing on mobilising private capital for climate change and other development priorities. For every USD1 of its private sector commitments, ADB secured USD2.7 in long-term cofinancing, up from USD1.8 the previous year. ADB Vice-President Bhargav Dasgupta emphasised the bank’s role in attracting investors to major development projects, particularly in climate and development goals.