
2 May 2023
Using a leveraged guarantee mechanism, ADB’s initial ambition of $3 billion in guarantees could create up to $15 billion in much-needed climate investment—the first time any multilateral development bank has adopted a program of this kind.
Governments have been left little choice but to raise spending for critical social services, such as healthcare, while also relaxing certain taxation to allow businesses to stay afloat during the economic downturn.
Asia and the Pacific has long been coveted by the global economy for its role in global value chains (GVCs). That’s had benefits not only for companies looking for a competitive cost advantage.
As the source of half the world’s greenhouse gas emissions, Asia and the Pacific can only realize its climate goals if it transitions away from a large source of those emissions.