ADB President Highlights Importance of Climate Change Measures and AI-led Growth
President of the Asian Development Bank (ADB), Masatsugu Asakawa, recently emphasized the critical need for resilient measures to combat environmental challenges, including climate change, carbon emissions, conflict, food insecurity, and increased debt. Speaking at the ADB’s Annual Meeting, Asakawa identified climate change as the primary threat to the region’s development.
The ADB has allocated nearly $10 billion for climate financing and launched an Innovative Finance Facility for climate in Asia and the Pacific. As part of its efforts to address climate change, the bank unveiled a Climate Change Action Plan for 2023-2030 at the 28th Conference of the Parties (COP28) in Dubai. This plan aims to support Developing Member Countries (DMCs) in achieving their Nationally Determined Contributions and transitioning to low-carbon, climate-resilient economies.
In addition, ADB implemented major capital management reforms, unlocking up to $100 billion in new lending capacity for the next decade. The bank’s new operating model (NOM) enables faster and more tailored support to member countries, emphasizing climate action and private sector development.
Looking ahead, Asakawa highlighted the significant potential of Artificial Intelligence (AI) to drive growth and address development challenges in sectors such as healthcare, agriculture, and climate change. ADB is committed to enhancing the capacity of member countries to deploy responsible AI solutions that promote inclusive growth while following ethical frameworks.
As the global and regional landscape continues to evolve rapidly, ADB remains dedicated to supporting the people of the region. Through initiatives like the Strategy 2030 midterm review and the Corporate Results Framework for 2025-2030, the bank aims to enhance its support to clients and maximize the effectiveness of its expanded lending capacity. The new operating model will prioritize climate action and private sector development, while also ensuring accountability and innovation.
Overall, ADB’s focus on climate change measures and AI-led growth reflects its commitment to addressing pressing challenges and fostering sustainable development across the region.
