ADB President calls for ASEAN regional cooperation in addressing climate change

*ADB President calls on IMT-GT and BIMP-EAGA leaders to develop low-carbon policies alongside green recovery projects*

The IMT - GT and BIMP - EAGA summits were held on the sidelines of the 42nd Association of Southeast Asian Nations (ASEAN) Summit, which took place in the town of Labuan Bajo, Indonesia.

“The threats we face today are quite different from those of three decades ago. We must work together to address these challenges, the most pressing of which are climate change, food and energy security, and disruptions to supply chains and trade,” said Mr. Asakawa.

The ADB President highlighted the threat that climate change poses to economies in the Asia and Pacific region, and called on IMT-GT and BIMP-EAGA leaders to develop low-carbon policies alongside green recovery projects.

As a regional climate bank, ADB is stepping up efforts to provide $100 billion in climate finance by 2030, as well as supporting a range of initiatives such as the Asia and Pacific Climate Finance Innovation Facility, which aims to support countries transitioning to a low-carbon future.

The region is also facing a dual crisis of food and fuel, so Mr. Asakawa called on leaders to take urgent action on food supply and value chains and promote improvements in energy security.

Across Asia and the Pacific , ADB is supporting food security with a comprehensive $14 billion program through 2025, and is leading initiatives in the energy sector, including the Energy Transition Mechanism (ETM).

The ADB President said that by expanding economic corridors and promoting special economic zones, the IMT-GT and BIMP-EAGA economies can contribute to building subregional connectivity and reducing disruptions to trade and supply chains.

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