Asia-Pacific is ground-zero in the fight against climate change: ADB
The Asian Development Bank (ADB) said October 13 that arresting climate change depends on energy trajectories in the developing economies of the Asia-Pacific.
The ADB said it was targeting $100bn in climate financing by 2030, with most of that going to its developing member countries (DMCs). The developing economies in Asia and the Pacific are the front line of the effort to arrest climate change, said ADB president Masatsugu Asakawa.
“The battle against climate change will be won or lost in Asia and the Pacific,” he said.
At its annual meeting earlier this year, the ADB announced it would end financing for future natural gas exploration and production projects, though it will still consider backing regional gas infrastructure and gas-fired power plants.
For much of developing Asia, however, natural gas is critical to combating air pollution and supporting the journey towards net zero. The International Energy Agency in its global outlook report, issued October 13, said gas-fired power would remain essential to help offset the intermittent nature of renewable forms of power generation.
Most of the ADB’s financing, meanwhile, targets energy storage, energy efficiency and low-carbon transport.
“Facing the interconnected challenges of the coronavirus disease pandemic and the climate crisis, many DMCs are taking bold action to promote a green, resilient, and inclusive recovery,” the ADB added.