Manila, 16 November 2021 (TDI): The Asian Development Bank (ADB) welcomed promising steps for climate action; forwarded at COP26. It hailed the scaled-up commitments from developing member countries (DMCs) at COP26.
COP26 emerged as a promising step to strengthen climate actions. Particularly, in the global battle against climate change especially in Asia and the Pacific.
In Glasgow, countries agreed to a range of commitments. They put forward their aims to meet their nationally determined contributions (NDCs). It is a key plan of the Paris Agreement. It aims to limit the rise in global temperatures to well below 2°C.
ADB President, Masatsugu Asakawa mentioned that “COP26 made promising steps forward in uniting the world. Especially, the Asia and the Pacific region. It emphasized taking stronger measures against climate change.”
He emphasized that climate action needs more collaboration; along with the finances to contain this challenge. Subsequently, these measures will eliminate the climate crisis globally.
ADB announced measures and partnerships at COP26 which will take transformational action against climate change.
Climate Action proposed by ADB
- ADB announced the Energy Transition Mechanism Southeast Asia Partnership. It is a joint action with Indonesia and the Philippines. It aims to use finance to accelerate the retirement of coal-fired power stations. Moreover, it will employ renewable energy to replace coal.
- ASEAN Green Recovery Platform will help countries in Southeast Asia in Post Pandemic Recovery. It will stage green and inclusive recovery.
- Community Resilience Partnership Platform will strengthen climate action for local communities. Especially for, women and girls.
Along with these platforms, Climate Action Catalyst Fund will create carbon credits and financing for carbon mitigation.
ADB is a multilateral bank and works to achieve a prosperous and inclusive Asia. Moreover, it is working its efforts to eradicate extreme poverty. In 1966, ADB was established and it has 68 members.
In October, ADB laid the foundation to address the Climate Crisis. It has elevated its ambition to deliver climate financing to $100 billion from 2019–2030. Moreover, It also adopted a new energy policy. This policy rules out new investments in coal production. It also supports universal access to reliable and affordable energy services.
ADB has committed to aligning its policies with the goals of the Paris Agreement. It will ensure that in 2030 at least 75% of the total number of its operations will support climate action.
