ADB Expands Funding for Climate-Resilient Asia-Pacific

As Asia and the Pacific face mounting pressures from climate change, health crises, and economic instability, the need for robust, forward-thinking development strategies has never been more urgent.

The Asian Development Bank (ADB) is approaching the challenge with an ambitious update to its “Strategy 2030”, designed to address these issues with more significant financial capacity and a modernised approach.

With an emphasis on climate action, economic resilience, and digital transformation, ADB is positioning itself to lead the region through turbulent times with transformative initiatives that promise lasting impact.

“Cascading shocks have derailed years of development progress in Asia and the Pacific. ADB is updating its vision, expanding its financial capacity, and modernising its operational approach to help its members respond to these unprecedented challenges, including the accelerating climate crisis, public health crises, and economic and fiscal vulnerability,” said ADB President Masatsugu Asakawa.

“Our support is needed now more than ever. This new road map sets an unprecedented level of ambition and focus for ADB’s work and will ensure we meet the moment through bold action and transformative impact” (ADB Sharpens, 2024).

ADB President Masatsugu Asakawa announced an update to Strategy 2030, highlighting the rapidly changing landscape of Asia and the Pacific. “Conflict, the climate crisis, and the economic vulnerability are threatening people, their livelihoods, and ecosystems more than ever. At ADB, we recognise these challenges and are evolving to meet them,” he says.

“Strategy 2030,” a landmark document published in July 2018, sets the course for the Asian Development Bank (ADB) to respond effectively to the region’s changing needs. Under Strategy 2030, ADB will continue its efforts to eradicate extreme poverty and broaden its vision to achieve a prosperous, inclusive, resilient, and sustainable Asia and the Pacific. These aspirations of ADB are in sync with significant global commitments.

“The Strategy 2030 Midterm Review – A Road Map for Evolution” is ADB’s ambitious new road map to guide its evolution and scale up its support on critical challenges facing Asia and the Pacific, including accelerated efforts to combat climate change and expand private sector development. It outlines how ADB will respond to challenges threatening its vision for a prosperous, inclusive, resilient, and sustainable region.

Strategy 2023 Midterm Review Focuses on 5 Key Areas:

The review accelerates efforts to combat climate change and expand private sector development. It also deepens our focus in five key areas: climate action, private sector development, regional cooperation and public goods, digital transformation, and resilience and empowerment.

President Asakawa notes that these are the priorities for building dynamic economies and sustaining a healthy planet.

“ADB has been a pioneer on the Multilateral Development Banks (MDB) evolution agenda. This new roadmap builds on our accomplishments and sets the stage for the work ahead”, President Asakawa says.

He shares ADB’s current targets. “Sustained climate action requires finance. So, we aim to deliver more than $100 billion in cumulative climate finance between 2019 and 2030. Providing $13 billion in private sector financing annually by 2030, three times where we are now, to help solve regional and global challenges, an enabling environment is also needed for the private sector to grow and develop. So, 40% of our sovereign operations annually by 2030 will help create the conditions for more private sector development.”

ABD aims to pioneer the evolution of the multilateral development bank (MDB) in response to the changing landscape and needs in the region. It increased its financial firepower to meet growing demand, updated its organisational vision to focus on the most pressing issues for the area, and streamlined systems and processes for a bigger, bolder, and better impact.

Click the links in the “Source” section to learn more about ADB’s Strategy 2030 Midterm Review.