The Asian Development Bank (ADB) has set a new goal to devote half its lending to climate finance by the end of the decade, to boost the region's response to global warming.

"Cascading shocks have derailed years of development progress in Asia and the Pacific," the bank's president Masatsugu Asakawa said as the bank published a review setting out a new roadmap.

"ADB is updating its vision, expanding its financial capacity, and modernizing its operational approach to help its members respond to these unprecedented challenges, including the accelerating climate crisis, public health crises, and economic and fiscal vulnerability,” he added.

The bank, which is owned by 68 member countries, 49 of which are from the region, aims to achieve total climate financing of $100bn for the period 2019 to 2030.

It provides loans, technical assistance, grants, and equity investments to members and partners.

Lack of access to finance has consistently proved to be a barrier to accelerating climate action, though research is increasingly showing that investment in climate projects can produce results that outweigh initial costs.

A study by the Global Commission on Adaptation found that every $1 invested in five key climate adaptation areas could yield $2-10 in total net benefits.