Asian bank's $4bn

14th July 2017

Renewables and other green projects will receive $4bn from the Asian Development Bank by 2020.

A report from the bank in conjunction with Potsdam Institute for Climate Impact Research says the deterioration of the Asian “water towers”, heat waves, coastal sea-level rise, and rainfall changes could affect human health and migration and lead to conflict.

The report concludes:

Some areas, particularly in Southeast Asia, could enter into new climate regimes due to the frequent occurrence of unprecedented heat extremes. Already, small island developing countries in the Pacific as well as Asia’s coastlines have experienced an increase in the occurrence and magnitude of storms and storm surges, coastal flooding, and saltwater intrusion. Simultaneously, other parts of the region are highly exposed and vulnerable to the observed intensification of heat waves and droughts. The poor, women, children, and the elderly are disproportionately affected by these changes. Unabated climate change threatens to undo many of the development advancements of the last decades, not least by incurring high economic losses.

Numerous countries of the region regularly experience annual losses associated with extreme weather events equivalent to over 1% of GDP. Unless urgent action is taken to strengthen resilience and to avoid global warming beyond 2°C, climate change will multiply such losses.

Further research is needed to identify the nature and extent of both the impacts of climate change as well as the interventions necessary to improve resilience to these impacts. However, there is no uncertainty over the adverse effects of observed changes on development in Asia and the Pacific, and over the threat of unrestrained climate change undermining the socioeconomic progress of the region. The findings presented in this report highlight the severity of the projected consequences of climate change in Asia and the Pacific. Even under a Paris consensus scenario, large investments in adaptation will be necessary. The magnitude of the challenge for the people of the region is immense, with the livelihoods and welfare of hundreds of millions of people at stake.

ADB and its developing member countries have long recognized that the region must proactively achieve climate resilience in line with the Sustainable Development Goals, the Paris Agreement on climate change, and the Sendai Framework for Disaster Risk Reduction to avoid the worst impacts of climate change.

In September 2015, ADB committed to double its climate finance from its own resources to $6 billion by 2020, including $2 billion for adaptation. Asia’s share of global emissions is increasing. Without rapid and full decarbonization of the global economy, the targets set in the Paris Agreement will not be met. As this report shows, a business-as-usual scenario will lead to disastrous climate impacts for the people of Asia and the Pacific, especially for poor and vulnerable populations. ADB will therefore invest $4 billion by 2020 in climate mitigation, fostering renewable energy supply and green growth across the region. With the adoption of its Climate Change Operational Framework 2030, ADB aims to scale up support to its member countries and ensure that climate change considerations are fully mainstreamed, not only in corporate strategies and policies, sector and thematic operational plans, and country programming, but also in project design, implementation, monitoring, and evaluation. ADB will also ensure that roles and responsibilities across the institution are clearly defined to ensure the effective implementation of ADB’s climate change agenda.

Building further on results, lessons, and successes achieved thus far, the above commitments will enable ADB to continue working effectively with its DMCs and other partners to establish systematic approaches to climate risk management. This will mean exploring opportunities to strengthen climate change adaptation measures in planning and investments across sectors and themes, including agriculture, food security and rural development, water resources, and social and urban development. ADB will also continue to work with its DMCs to embed measures to address extreme weather events in the design and implementation of its investment projects, programs, capacity building-related assistance, and knowledge products, helping counteract the added risks arising from climate change.




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