The IMT - GT and BIMP - EAGA summits were held on the sidelines of the 42nd Association of Southeast Asian Nations (ASEAN) Summit, taking place in Labuan Bajo, Indonesia.
“The threats we face today are quite different than they were three decades ago,” Asakawa said. Therefore, we must work together to address these challenges, the most pressing of which are climate change, food and energy security, as well as supply chain and trade disruptions."
The ADB President pointed out the threat that climate change poses to the economies of the Asia and Pacific region, and called on IMT - GT and BIMP - EAGA leaders to develop low-carbon policies in addition to green restoration projects.
As the region's climate bank, ADB is accelerating its efforts to deliver $100 billion in climate financing by 2030, as well as supporting a range of initiatives such as the Asia and Pacific Climate Innovation Financing Fund, to help countries transition to a low-carbon future.
The region is also facing a dual food and fuel crisis, so Mr. Asakawa called on leaders to take urgent action on food supply and value chains and promote improved energy security.
Across the Asia and Pacific region, ADB is supporting food security with a comprehensive $14 billion program by 2025, while leading initiatives in the energy sector, including the Energy Transition Mechanism (ETM).
By expanding economic corridors and promoting special economic zones, the IMT-GT and BIMP-EAGA economies can contribute to building sub-regional connectivity and reducing trade and supply chain disruptions, the ADB President said.
