Islamabad: One of the first beneficiaries from this new ADB push will be a project in Pakistan to generate sustainable aviation fuel from cooking oil, Sorensen said. About half of the $90 million needed would come from the ADB scheme with the deal expected to be signed on Nov. 20, the bank said.The ADB, based in the Philippines, has spent three years developing the guarantee deal with a group of Western governments and hopes other countries will follow soon, he added.It has also been sharing its experience with the World Bank, Inter-American Development Bank and European Investment Bank as part of broader, collaborative efforts to scale up climate-related lending."We have been extensively in consultation with multiple other MDBs," Sorensen said.While the deals mark the first use of sovereign guarantees for climate finance, they have previously been used to fund other areas of lending such as education.Public lending institutions have also begun to guarantee other, third-party investments for climate projects. Earlier this year, the World Bank launched a platform to house all such guarantees for loans and investments from across the various branches of the organisation, in an effort to expand their use.The programme was going "very well", having guaranteed more than $10 billion through the programme in 2023 with a goal of doubling that annual figure by 2030, Axel van Trotsenburg, the bank's senior managing director told Reuters last month in Washington.As climate change increases the threat of extreme weather and disaster worldwide, developing countries are forecast, opens new tab to need more than $2 trillion a year by 2030 to transition to clean energy and prepare for the conditions of a warmer planet.Rich nations are hoping that a financing deal at COP29 goes beyond relying on donations from them for climate finance, and instead looks to development banks as well as private investors for the bulk of the world's climate cash.