ADB Calls for Stronger Climate Action in Southeast Asia

Asian Development Bank (ADB) has called for regional cooperation in tackling climate change.

IDXChannel - Asian Development Bank (ADB) has called for regional cooperation in tackling climate change and other critical development challenges in Southeast Asia.

ADB President Masatsugu Asakawa participated in the 15th Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) Leaders’ Summit and the 15th Brunei Darussalam-Indonesia-Malaysia-Philippines Growth Area (BIMP-EAGA) Leaders’ Summit in Labuan Bajo, East Nusa Tenggara, Indonesia on Thursday (11/5/2023).

“The threats confronting us today are quite different from those of 3 decades ago,” said Asakawa in remarks delivered to IMT-GT leaders. 

“It is crucial that we work collectively to tackle these challenges, the most pressing of which are climate change, food and energy security, and trade and supply chain disruptions,” he added.

Underscoring the threat that climate change poses to Asia and the Pacific economies, Asakawa urged IMT-GT and BIMP-EAGA leaders to develop low-carbon policies in tandem with green and blue recovery projects. 

As the region’s climate bank, ADB is intensifying efforts to deliver USD100 billion in climate financing across Asia and the Pacific by 2030.

The region is also facing dual food and fuel crises, prompting Asakawa to call on leaders to take urgent action on food supply and value chains, while working to improve energy security. 

Across Asia and the Pacific, ADB is supporting food security with a comprehensive USD14 billion program through 2025, while also spearheading game-changing initiatives in the energy sector including the Energy Transition Mechanism.

The IMT-GT and BIMP-EAGA meetings were held on the sidelines of the 42nd Association of Southeast Asian Nations (ASEAN) Summit and included leaders from Brunei Darussalam, Indonesia, Malaysia, and the Philippines. 

IMT-GT was established in 1993 with the objective of accelerating economic transformation in disadvantaged areas in Indonesia, Malaysia, and Thailand by leveraging their complementarities and comparative advantages. BIMP-EAGA was established in 1994 as an initiative dedicated to spurring development in remote and less developed areas in Brunei Darussalam, Indonesia, Malaysia, and the Philippines. BIMP-EAGA aims to increase trade, tourism, and investments in the subregion.  (WHY)