Remarks by Masatsugu Asakawa, President, Asian Development Bank, at the Asian Institute of Technology Conferment Ceremony, 11 June 2024, Asian Institute of Technology Campus, Bangkok, Thailand
Introduction
Chairman Dr. Anat Arbhabhirama, President Professor Kazuo Yamamoto, esteemed members of the Asian Institute of Technology (AIT) Board of Trustees, faculty members, students, and distinguished guests:
It is with deep respect and humility that I stand before you today at AIT. This institution is not only a beacon of academic excellence but a driver of sustainable development across Asia and the Pacific.
Expression of appreciation
I am deeply honored to receive this Honorary Doctorate degree from AIT. I sincerely appreciate your recognition and humbly accept the award.
This degree is a symbol of the strong and lasting partnership between AIT and ADB. Our joint efforts in research, capacity-building programs, and knowledge sharing have significantly advanced our shared goals. Together, we are using education and innovation to tackle the region’s pressing development challenges.
Initiatives and achievements
Throughout my tenure as President, ADB has tackled significant challenges and launched key initiatives to improve lives and livelihoods across Asia and the Pacific. I am especially proud of our rapid response to the COVID-19 pandemic, deploying a $20 billion package to support immediate health responses and economic recovery.
In addition, over the past four years, we have significantly boosted our operational capabilities and financial flexibility. We have introduced a new operating model for better, faster, and more tailored support to our members, and implemented capital management reforms to unlock up to $100 billion in new lending capacity over the next ten years.
The Asian Development Fund remains our largest source of grants for the region’s poorest and most vulnerable countries. As a sign of our donors’ confidence, just last month we secured a $5 billion replenishment for the fund.
We have also prioritized gender equality in our operations and significantly expanded investments in food security, health, and education to ensure that development is inclusive.
And finally, recognizing that Asia and the Pacific is the frontline in the battle against climate change, ADB has stepped up as the region’s climate bank and elevated our ambition in climate financing to $100 billion cumulatively from 2019 to 2030. Our climate finance commitments last year reached a record $9.8 billion, and we have launched initiatives to mobilize funds for climate action and introduced an Energy Transition Mechanism to retire coal-fired power plants early.
Impact of heat stress
One area of the climate crisis that I consider to be a critical and urgent danger is the staggering impact of heat stress.
Last year was the warmest on record, and 2024 continues to set unprecedented high temperatures. In Thailand alone, in the first five months of 2024, heatstroke deaths are already higher than in the whole of 2023.
The need to address the issue of heat is clear. Heat stress is not just an environmental concern. It’s a public health issue that affects millions across our region, threatening livelihoods, disrupting economies, contributing to inequality, and worsening food insecurity. Most alarming is the disproportionate impact it has on women, vulnerable groups such as the poor and elderly, and workers exposed to heat.
We have all experienced the impacts of heat, but let’s take a moment to imagine the consequences to children unable to study in their schools because classrooms are too hot or unable to sleep at home because of heat. The setbacks to their education will hurt all our societies.
And imagine the lives of women facing heat stress. Due to social norms, they may be unable to find shade or wear lighter clothing. When their families become ill from heat, the burden of care falls on them. If a woman is pregnant, the risk of miscarriage or stillbirth will increase.
And imagine construction workers, toiling for long hours in the hot sun, sacrificing their health to build needed infrastructure in our developing member countries. Or informal workers, who cannot afford access to cooling, earning less because the heat reduces their productivity.
All these examples should remind us of the need to elevate heat action to the top of the development agenda.
Last year, at COP28, I launched an initiative to strengthen resilience against heat stress, focusing on measures that support those most at risk. The initiative will invest in adaptation measures to overcome the impacts of heat stress on women and girls across Asia and the Pacific.
Our efforts are collaborative. ADB will work closely with governments, local communities, and international partners to develop environmentally sustainable and socially equitable cooling solutions. I would be pleased to have AIT join us in this critical endeavor.
Conclusion
My friends, the path before us is laden with challenges, but also full of opportunities to effect meaningful change. Our partnership with AIT exemplifies the power of collaboration in addressing the formidable issues facing our region. Together, we can lead initiatives that not only respond to immediate crises but also prepare us for future challenges.
I am deeply grateful for this prestigious honor and the opportunity to discuss our shared challenges and opportunities. Let us continue to work with dedication, driving towards a shared vision of a prosperous, inclusive, resilient, and sustainable Asia and the Pacific.
Thank you.
Speaker
