Tbilisi: The Asian Development Bank (ADB) launched the Innovative Finance Facility for Climate in Asia and the Pacific, a landmark guarantee mechanism to scale up the region’s climate investment, President ADB Masatsugu Asakawa said.
“At the 28th Conference of the Parties (COP28) in Dubai, we unveiled our Climate Change Action Plan for 2023-2030. This will guide support to our DMCs in achieving their Nationally Determined Contributions and mobilize finance to help countries transition to low-carbon and climate-resilient economies.”
Asakawa said, this year, ADB will use the Strategy 2030 midterm review, and the Corporate Results Framework for 2025-2030, to learn and continue to evolve our support to clients. The ADB will effectively and efficiently use its newly expanded lending capacity to support key priorities, along with our members most in need.
ADB’s new operating model will continue to emphasise climate action and private sector development. To advance our shifts under the new operating model, and ensure accountability, we will also introduce new ways of working. These include new digital tools, regional work programs, and corporate performance indicators.
“We will finalise the fourteenth replenishment of the Asian Development Fund. This will allow us to support the region’s poorest and most vulnerable countries until 2028. I am grateful for the generous pledges that donors made here in Tbilisi toward this replenishment.
With our focus on these key directions, I am confident that ADB will remain equipped to support the people of the region in a rapidly changing global and regional landscape.”
Fizel Jabir in Georgia
