Asian Development Bank (ADB) is calling for stronger measures to address climate change, conflict, food insecurity, and rising debt in developing countries.
ADB President Masatsugu Asakawa made the remarks during the bank’s annual meeting in Georgia. He identified climate change as the most significant threat to the region’s development.
To address this challenge, the ADB has committed nearly $10 billion in climate financing and launched an innovative finance facility specifically for climate projects in Asia and the Pacific.
Asakawa also unveiled the bank’s Climate Change Action Plan for 2023-2030. This plan aims to support developing countries in achieving their climate goals and transitioning to low-carbon economies.
Beyond climate action, the ADB recently unlocked $100 billion in new lending capacity over the next decade through capital management reforms. This increased capacity will be directed towards faster and more tailored support for developing member countries.
The bank’s new operating model prioritizes climate action and private sector development. Additionally, the ADB is committed to responsible use of its expanded lending capacity through a new Corporate Results Framework.
Looking ahead, Asakawa emphasized the ADB’s role in supporting the region’s population in a rapidly changing world. He highlighted the potential of artificial intelligence (AI) for driving growth and tackling development challenges.
The ADB is actively supporting developing countries in deploying ethical and inclusive AI solutions.
