Real-Time Evaluation of ADB’s Initiatives to Support Access to Climate Finance

Date: May 2014
Type: Evaluation Reports
Subject:
Climate change; Evaluation
Series: Special Evaluation Studies

Description

The Asia and Pacific region has a high stake in climate change and the emerging climate finance framework. Over the past three decades, the region has experienced an increase in weather related disasters that could be linked to climate change, and suffered more than 40% of global economic losses due to such disturbances. Meanwhile developing Asia now accounts for more than 35% of global greenhouse gas emissions, and it includes the People's Republic of China, the world's largest emitter of greenhouse gases.

Country actions are paramount in addressing climate change. In many respects, a collective answer is needed among governments, civil society, the private sector, international agencies and multilateral development banks. As part of this response, there have been steps to put in place a financial mechanism that enables countries to mitigate and adapt to climate change. ADB's opportunities and capabilities to access and use these finances are the subject of this review.

The primary area where ADB has been able to mainstream action is in clean energy interventions for mitigation. This activity can go much further, for instance, with sustainable transport. Actions are also warranted in sustainable and resilient land use, including forestry. Considerable effort is required to mainstream adaptation and manage climate risks of vulnerable projects. The recent mid-term review of ADB's corporate strategy recognizes such opportunities to broaden and deepen efforts in adaptation and mitigation.

The crucial question concerns the steps required to implement the directions for climate mitigation and adaptation set out in the mid-term review.

Building on the initiatives in place, three sets of actions could propel countries to select ADB as a partner of choice in the use of climate finance. First, the institution can make available regional experiences and knowledge that are of high interest to multiple countries, for example, on harnessing public and private partnerships in this complex area. Second, it can introduce innovative financial products and raise resources by issuing climate bonds and help countries leverage other public and private sources of finance. Third, the organization can align internal processes and systems to motivate and support teamwork across units that is so essential to develop and implement climate projects—and to facilitate timely and credible reporting on progress being made.

Contents

  • Acknowledgements
  • Foreword
  • Executive Summary
  • Chapter 1: Evaluation Focus
  • Chapter 2: Relevance from Climate Talks and MDG Agreements
  • Chapter 3: ADB Response
  • Chapter 4: Experience with Climate Funds
  • Chapter 5: Project Support
  • Chapter 6: The Outlook
  • Appendixes