International Anticorruption Day 2023 - Green and Clean: Protecting Climate Finance from Corruption
Corruption and its staggering costs have affected sustainable development across the globe. Corruption drains more than 5 percent of the world’s GDP. Of approximately $13 trillion in global public spending, 25 percent or $3 trillion is lost to corruption.
In developing countries, the United Nations estimates that corruption, bribery, tax evasion, and related illicit financial flows deprive developing countries of around US$1.26 trillion per year. This has recently been reinforced by International Monetary Fund research showing that corruption reduces global tax revenues by US$1 trillion annually.
Sustainable Development Goal (SDG) 16 targets reducing bribery, strengthening institutions, and promoting transparency. These three targets are crucial to the achievement of the other 17 SDGs. As Asia and the Pacific’s climate bank, ADB is the first multilateral development bank to set clear climate investment targets for 2030. In 2015, ADB committed to increase its climate financing up to $6 billion annually by 2020 – a target the bank achieved in 2019. ADB also aims to dedicate 75% of its operations to support climate action by 2030.
In support of the United Nations Convention against Corruption (UNCAC), ADB has been observing International Anticorruption Day (IAD) with a bank-wide celebration every December since 2011. This annual event is organized by the Office of Anticorruption and Integrity (OAI) for the ADB community.
The Asian Development Bank (ADB) celebrated International Anticorruption Day with the theme Green and Clean: Protecting Climate Finance from Corruption. ADB’s Office of Anticorruption and Integrity launched an interactive exhibit on 5 December and held a knowledge-sharing session on 7 December. In his welcome message, ADB President Masatsugu Asakawa reaffirmed ADB's commitment to upholding the highest ethical standards and emphasized that as the region’s climate bank, it is ADB's duty to protect climate projects from corruption by practicing transparency, integrity, and honesty.
The session's keynote speaker was Pulitzer Prize finalist, New York Times bestselling author, and former Wall Street Journal reporter, Bradley Hope. Hope highlighted that the fraud and theft that characterized Malaysia's 1MDB scandal is a stark reminder that when governance fails, the consequences can derail entire nations from their development paths.
The session commenced with greetings and remarks from OAI Head, John Versantvoort, on ADB's initiatives in safeguarding ADB's climate financing. Private Sector Operations Department (PSOD) Deputy Director General, Cathy Marsh, presided over a lively question and answer portion with the guest speaker. OAI Advisor, Chiawen Kiew moderated the event.
|Session / Activity
|07 Dec 2023
|07 Dec 2023
Welcome Message from ADB President Masatsugu Asakawa