Manila: Asian Development Bank (ADB) President Masatsugu Asakawa has called for countries in Asia and the Pacific to take bold action to address climate change while ensuring fair and equitable economic growth amid the covid-19 pandemic.
"The task of addressing climate change is not only urgent, but also inextricably linked to an inclusive and lasting recovery from the pandemic," said Asakawa at the Indonesian Ministry of Finance–ADB 2021 International Climate Conference on Thursday.
"With shared commitment and international cooperation, we can make the transition to net zero and achieve climate resilience, so that our region emerges stronger than before," he stated.
The one-day virtual conference attracted about 800 people from the public and private sectors, development partners, think tanks, and academia to discuss international good practices that can help ADB developing member countries transition to low-carbon, resilient economies and pursue a green, resilient, and inclusive recovery from the covid-19 pandemic.
The event highlighted Indonesia’s commitment to meeting its nationally determined contributions (NDCs) under the Paris Agreement, as well as steps it has taken to support the development of a low-carbon, resilient economy.
Asia and the Pacific is responsible for more than half of global greenhouse gas emissions.
Recent analysis predicts that global energy-related CO2 emissions will grow by nearly 5% in 2021, as demand for coal, oil, and gas rebounds. About 80% of the growth in coal demand is expected to come from Asia.
The Paris Agreement aims to keep the rise in global temperatures to well below 2°C, preferably to 1.5°C, compared to pre-industrial levels.
ADB’s sovereign operations will be fully aligned with the goals of the Paris Agreement by July 2023 and its nonsovereign operations by July 2025.
ADB will scale up investments in adaptation and resilience to at least $9 billion from 2019 to 2024 to support Asia and the Pacific’s recovery from the COVID-19 pandemic. T
he measures will contribute to ADB’s commitment to deliver $80 billion in climate finance between 2019 and 2030.
Asakawa said ADB will support Indonesia’s transition toward a low-carbon, resilient economy and help the country meet its NDC targets. Strengthening resilience is one of the three focus areas in ADB’s country partnership strategy for Indonesia.
That includes climate change mitigation and adaptation and green recovery, as well as disaster risk management and finance.