ADB Announces Start of Climate Action Catalyst Fund

 DUBAI, UNITED ARAB EMIRATES (8 December 2023) —  The Asian Development Bank (ADB) today announced that it will start on 1 January 2024 operations of its Climate Action Catalyst Fund (CACF)—a first-of-its-kind carbon fund under the Paris Agreement. The fund aims to mobilize innovative carbon finance through the purchase of carbon credits to catalyze investments in transformative mitigation actions in ADB’s developing member countries (DMCs). The fund will provide up-front finance to high impact climate mitigation actions for the future delivery of carbon credits under long-term transactions, in significant contrast to the usual carbon market practice of payments upon delivery, which can