5 May 2008: The Asian Development Bank (ADB) announced a contribution of US$40 million for a new Climate Change Fund it is establishing to mitigate and adapt to the impacts of climate change in the Asia-Pacific region.

“Money from the fund will be used to provide grant financing for technical assistance, investment projects, research and other activities” said Werner Liepach, Principal Director of ADB’s Office of Cofinancing Operations. WooChong Um, Director of ADB’s Energy, Transport and Water Division, said the Fund will, in addition to supporting transition to low-carbon economies and establishing climate resilient infrastructure, “allow ADB to address the cross-cutting social vulnerability issues related to climate change such as changes in livelihood, resettlement, and health impacts.”