ADB Annual Meeting – Day 4

• 56th Annual Meeting closes with call for closer collaboration and cooperation to accelerate the transition to a net-zero world
• CNBC Debate: Benefits of ambitious climate action are far greater than the costs
• CAREC study identifies need for urgent and collective climate action in Central Asia
• Tblisi, Georgia, to host 57th Annual Meeting of the ADB Board of Governors

Climate change dominated proceedings at ADB’s 56th Annual Meeting, which closed with a call for countries to work together to maximize opportunities for collaboration and develop bold policies that accelerate the transition to a net-zero world.

The CNBC Debate, hosted by Chery Kang, highlighted the progress made in Asia and the Pacific and elsewhere on climate action, but also focused on the enormous amount of work to be done. Intergovernmental Panel on Climate Change Chair Dr. Hoesung Lee said: “We need to be open-minded in terms of policy choices. We need all policies ... all the technologies ?to get to this net-zero.”

ADB’s Chief Economist Albert Park said recent ADB research showing the benefits of bold climate action far outweigh the costs is a call to action for governments to embrace policies such as carbon pricing and free trade. “Carbon pricing can help countries shift to lower emissions. If we want to get to where we need to go, we need to have a pricing signal [and] ... free trade in environmental goods and services.”

It’s crucial that countries work together in the transition to low-carbon growth. ADB Director General for Central and West Asia Yevgeniy Zhukov launched a scoping study on climate challenges and opportunities in member countries of the Central Asia Regional Economic Cooperation (CAREC) Program. “The recent, intense weather events in Central and West Asia show that we need to take urgent, collective action,” he said. “Countries in the region must work together to cut greenhouse gas emissions.”

Winning the battle against climate change requires bold, decisive, and innovative climate action. Nowhere is the need for urgent action greater than in the region’s teeming cities, many of which are at risk of severe climate impacts.

?Some exciting progress is being made. In Indonesia, ADB is working with the Nusantara National Capital Authority to develop a carbon-neutral forest city as the country’s capital and a showcase for a low-carbon, high-resilience city that delivers an outstanding quality of life for residents.

?ADB’s 56th Annual Meeting provided glimpses into a net-zero future for Asia and the Pacific, if it can meet the climate challenge. As Albert Park noted during the CNBC Debate, “Asia has stepped up” on climate action, and there is growing awareness and willingness to cooperate.

We look forward to reporting further progress at the 57th Annual Meeting in Tbilisi, Georgia.?

See you there!