ADB president stresses climate change measures, AI-led growth

President of the Asian Development Bank Masatsugu Asakawa expressed the need for resilient measures for environmental challenges such as climate change, carbon emissions, conflict, food insecurity, and increased debt.

Addressing the ADB’s Annual Meeting hosted by the Chair of the Board of Governors, His Excellency Lasha Khutsishvili, and the Government of Georgia, Asakawa termed climate change as the major threat to the region’s development.

He added ADB has set aside nearly $10b in climate financing, along with an Innovative Finance Facility launched for climate in Asia and the Pacific, a landmark guarantee mechanism to scale up the region’s climate investment.

Asakawa stated that at the 28th Conference of the Parties (COP28) in Dubai, ADB unveiled its Climate Change Action Plan for 2023-2030, which will guide support to DMCs in achieving their Nationally Determined Contributions and mobilize finance to help countries transition to low-carbon and climate-resilient economies.

ADB’s major capital management reforms from the past year unlocked up to $100 billion in new lending capacity for the next decade, Asakawa said adding their new operating model (NOM) enabled them to deliver better, faster, and more tailored support to developing member countries.

The bank's president stated that the organization will use the Strategy 2030 midterm review, and the Corporate Results Framework for 2025-2030, to learn and continue to evolve the bank's support to clients and ensure effective and efficient use of the newly expanded lending capacity.

The new operating model will continue to emphasize climate action and private sector development, while new ways of working will also be introduced to ensure accountability.

Asakawa affirmed ADB’s support to the people of the region in a rapidly changing global and regional landscape.

Shedding light on technological advancement, the ADB president highlighted the tremendous potential of Artificial Intelligence to drive growth and help address development challenges in areas like healthcare, agriculture, and climate change.

He added that ADB is working hard to strengthen the capacity of developing member countries to deploy responsible AI solutions that follow an ethical framework and drive inclusive growth.