ADB President Highlights $100 Billion Climate Change Initiative at CAREC Ministerial Meeting

Masatsugu Asakawa, President of the Asian Development Bank (ADB), addressed the 22nd ministerial meeting of the Central Asian Regional Economic Cooperation (CAREC) program, expressing gratitude to the Government of Georgia for hosting the event. This marks his first in-person participation since 2019, following a hiatus due to pandemic-induced virtual communications.

"Your Excellency, Prime Minister of Georgia, Mr. Irakli, esteemed ministers, delegates, development partners, and guests, it's a privilege to convene at the 22nd Ministerial Conference of the CAREC program.

Our conference's theme resonates profoundly as the region grapples with pressing developmental challenges, heightened by geopolitical shifts and evolving supply chain dynamics. These changes have placed energy and food security at risk, while also altering transport and trade routes.

Compounding these challenges are the increasingly frequent and severe climatic events, as evidenced by recent catastrophic floods, heatwaves, and droughts. Such crises threaten critical infrastructure, economic stability, and livelihoods. I'd like to outline the ADB's role in assisting regional countries to navigate these turbulent times.

As the Climate Bank for Asia and the Pacific, ADB has set an ambitious goal to allocate $100 billion towards climate change efforts from 2019 to 2030. By last year, we had disbursed $21 billion, with $6.5 billion specifically aiding the CAREC countries.

We're also backing capital reforms, paving the way for an additional $100 billion in ADB funding over the next ten years. This represents a 40% increase in our capacity to address crises, including those stemming from climate change," stated Asakawa, underscoring ADB's commitment to environmental sustainability and regional cooperation.