President Masa calls for a just, equitable transition for net-zero in Asia and the Pacific

In his keynote speech at the International Climate Change Conference that ADB held together with Indonesia’s Ministry of Finance on 22 July, ADB President Masa made a case for bolder actions against climate change while ensuring equitable and sustainable economic recovery in the region’s transition to net-zero emissions.This transition would require international cooperation and strong public and private finance to rapidly decarbonize, adapt to climate change build resilience. Given the constraints presented by the current pandemic, President Masa reaffirms ADB’s commitment in supporting our DMCs in their efforts to achieve a transition that is just and affordable. As previously announced, ADB aims to provide at least $80 billion in climate finance from 2019 to 2030 cumulatively. It will scale up investments in adaptation and resilience through a cumulative financing target of $9 billion between 2019 and 2024.  An Energy Transition Mechanism (ETM) is now being developed in Southeast Asia by ADB and key public and private sector sponsors. ETM is being designed as a regional facility that will catalyze donor and philanthropic resources for the transition. ETM is envisioned as a market-based, equitable, and scalable instrument to help DMCs reduce greenhouse gas emissions through the rapid retirement of coal-fired power plants and jumpstarting the growth of renewables in the region.