Incheon 2023: Schedule of Events

The Business Session of the Board of Governors is the main meeting of the Governors that takes place during each ADB Annual Meeting. Governors adopt resolutions; take note of and approve documents related to the business, finance, administration, and operations of ADB; and provide guidance and direction to the institution through Governors’ statements. This session also provides an opportunity for ADB President Masatsugu Asakawa to report to Governors on progress made since the previous meeting and to share ADB Management’s key organizational initiatives.

The capital needed for the net zero transition in Asia is estimated to be more than $9 trillion annually through 2050. Reaching this target will require sourcing an additional $3.5 trillion per year and reallocating close to $1 trillion of current spending from high- to low-emission assets. How can we ensure the right policy, regulatory, and market backdrop is in place to support blended finance?

The Korea Center for International Finance invited S&P Global Ratings to examine the growth and credit risks in the Asia and Pacific region, and will host a panel discussion with experts to share their thoughts on the region's growth and the risks it faces.

The briefing will introduce highly competitive Korean companies equipped with latest technologies and showcase success stories under the themes of smart cities, environmentally-friendly energy, future mobility and transport systems, and digital transformation.

After high growth for many decades, developing Asia in the past three years grew at an average of just 3.6%. Low-cost labor-intensive manufacturing is challenged by automation and aging populations, high debt is constraining room for investment, globalization is threatened, and there are many risks to macro stability. What can drive a sustained rebound in developing Asia’s long-term growth?

The session showcased Plan International’s community-level programing experiences in Indonesia and the Philippines. It highlighted that as the region recovers from the impacts of COVID-19, ADB should include vulnerable populations in discussions and decision-making, to leverage their voices alongside upholding their rights. Voice and inclusion of marginalized groups must be front and center to meet the SDG’s objective of “leaving no one behind.”

The seminar on Digital, Climate, and Resilience explored policy strategies to leverage digitalization to improve climate change mitigation and adaptation in Asia and the Pacific.

Many countries in Central and West Asia are facing significant economic and social challenges due to external shocks. These shocks resulted in supply chain disruptions, high inflation, changes in trade flows, and shifts in labor and migration patterns. The session will delve into the impacts of these recent shocks on the Central and West Asian economies and explore the potential for regional cooperation and the CAREC program to play a new role in addressing these challenges.

ADB has created the Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP) – a strategic initiative that will expand ADB’s lending capacity through leverage. This event marked the official launch of IF-CAP by ADB, together with partners from the governments of Denmark, the Republic of Korea, Japan, Sweden, the United Kingdom, and the United States.

To slow and stop the climate crisis, economies need to transform to be low-carbon and climate resilient. Reducing greenhouse gas emissions to net zero and building adaptation to intensifying climate impacts will be vital. Achieving this transformation requires a shift in approach in pursuing development, placing greater focus on longer-term objectives and making substantial investments using a range of instruments. This seminar focused on prospects for institutional reforms multilateral development banks need to consider to effectively support developing economies in addressing intensifying climate risks and achieving green economic development.