The Asian Development Bank (ADB) committed around $10 billion to climate finance in 2023, up 46% year-on-year, while Chicago-based real estate investor LaSalle Investment Management has exited two investments in South Korea.

ADB committed $10b to climate finance in 2023, up 46% YoY

Manila-headquartered Asian Development Bank (ADB) committed around $10 billion to climate finance in 2023 to help its developing member countries in Asia and the Pacific region.

ADB committed $9.8 billion in climate finance from its own resources last year—$5.5 billion for mitigation and $4.3 billion for adaptation—a more than 46% increase on its 2022 climate financing commitments, as per a release.

The funding aims to help developing member countries cut greenhouse gas emissions and adapt to the impacts of a warming planet.

“As the climate bank for Asia and the Pacific, ADB is deeply committed to helping our developing members de-fossilise their economies, progress along their climate transition pathways, and achieve their net-zero goals,” said Masatsugu Asakawa, president of ADB.

ADB has provided more than $10.4 billion in cumulative adaptation financing in 2019-23—surpassing its target of $9 billion for 2019–24 a year early.

LaSalle exits two investments in South Korea

Chicago-based real estate investor LaSalle Investment Management has exited two investments in South Korea.

The firm made the exits on behalf of LaSalle Asia Opportunity Fund V (LAO V) and LaSalle Asia Opportunity Fund VI (LAO VI), according to a press release.

The first deal was an exit of a real estate-secured debt investment in the LAO VI portfolio while the second exit was after LAO V completed the sale of Logiport Osan at approximately $95.1 million in January 2024.

LaSalle Investment Management has approximately $89 billion of assets in private and public real estate property and debt investments under management.

The firm’s clientele includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across regions.