Remarks by Masatsugu Asakawa, President, Asian Development Bank, at the 1st Climate Vulnerables Finance Summit and V20 Ministerial Dialogue VII, 8 July 2021
Excellencies and distinguished colleagues,
On behalf of the Asian Development Bank, I am pleased to join the Climate Vulnerables Finance Summit and the V20 Ministerial Dialogue.
Let me congratulate Her Excellency, Prime Minister Sheikh Hasina on her leadership of the V20 agenda.
Let me also congratulate the people of Bangladesh on the country’s 50 years of independence.
Bangladesh has made impressive socio-economic progress in recent decades. As a highly vulnerable nation, Bangladesh has also made great strides in disaster risk management, focusing on risk reduction and improved disaster preparedness, thereby building resilience.
ADB is proud to be associated with the country’s development journey, and we remain committed to supporting Bangladesh as it strives to become a developed nation by 2041.
Today I would like to highlight two ideas.
First, we need to tackle, in a coordinated manner, the dual challenge of recovering from the pandemic and getting back on track to achieve Sustainable Development Goals.
With a clear vision, countries can use the recovery as an opportunity to drive investments and behavioral changes that make their economies and societies more low-carbon, resilient, and equitable.
ADB has been supporting our developing member countries, or DMCs, to effectively address this dual challenge. For example, while ADB’s commitment reached a record high of $31.6 billion in 2020, about half of this supported the efforts of our DMCs to achieve their long-term development agendas. I want to emphasize that ADB remains committed to supporting our DMCs in their efforts to achieve a sustainable, resilient, and inclusive recovery.
Second, we have to raise the ambition to tackle climate change and build climate and disaster resilience.
ADB will make every effort to achieve our climate finance goal: providing at least $80 billion from 2019 to 2030 cumulatively. As our region is expected to recover from the pandemic, I have also called for significantly scaling up ADB investments in adaptation and resilience, targeting cumulative financing of $9 billion between 2019–2024.
ADB is partnering with countries in the region, not only to enable the implementation of their Nationally Determined Contributions, but also to ensure that our own operations are aligned with the Paris Agreement. We will target full alignment of ADB’s sovereign operations by 1 July 2023, and nonsovereign operations at 85% by 1 July 2023 and fully by 1 July 2025.
Last, I am pleased to note that ADB’s Asia Pacific Climate Finance Fund is closely engaging with the V20’s Sustainable Insurance Facility for Micro-, Small-, and Medium-sized Enterprises.
Let me close by reiterating ADB’s unwavering commitment to scale up climate action through finance, technical assistance, and collaboration with our DMCs and development partners.