MANILA, 30 October 2022 (WAM) – As the international community gathers in Sharm el-Sheikh, Egypt for the COP27 climate conference, on 6 November, the Asian Development Bank (ADB) said: Launch some major initiatives in It is the key decision-making forum of the United Nations Framework Convention on Climate Change (UNFCCC), aimed at reducing greenhouse gas emissions and addressing climate change and its impacts.
According to ADB, COP27 will see the Asia-Pacific region address the impacts of increasingly frequent and intense weather events caused by climate change, with the global community coming together to promote large-scale decarbonization and concessional and subsidized climate change. This is an important time as it provides an opportunity to come together for a significant expansion of the Resources to developing countries.
ADB will launch several major initiatives at COP27. These include the Asia-Pacific Water Resilience Initiative, which promotes resilient water management in the region; Includes Blue Pacific Finance Hub.
ADB will launch the Just Transition Assistance Platform to strengthen ADB’s efforts in the area of just transition.
ADB is also piloting the Innovative Finance Facility for Climate in Asia and the Pacific (IFCAP). It uses guarantees and grants from donor countries and charities to leverage $4 for every dollar spent. IFCAP is set to launch next year to provide the necessary investments for both adaptation and mitigation of climate change.
Climate change is a lifelong issue, and the last 12 months have been a stark reminder of human impact on climate, especially in Asia and the Pacific. Historically devastating floods in Pakistan, extreme droughts in the People’s Republic of China, tropical cyclones in the Pacific Islands and typhoons in the Philippines have affected hundreds of millions of poor and vulnerable people. In reality, these types of weather events caused by climate change will increase in intensity and frequency. The COP outcome is therefore particularly important for meeting the Paris Agreement and UNFCCC goals of keeping global warming below 1.5°C.
“We cannot avoid all the impacts of climate change. They are already happening, so we must focus on building resilience in the most vulnerable communities,” said Warren Evans, ADB’s Special Envoy for Climate.
COP27 will focus on scaling up adaptation solutions and on mobilizing and enhancing access to financing for adaptation. As the climate bank of the Asia-Pacific region, ADB has increased its 2019-2030 climate change financing target from $80 billion to $100 billion, of which $34 billion is for adaptation. A recent example of his commitment to adaptation is his $1.5 billion loan to Pakistan under ADB’s Building Resilience through Aggressive Countercyclical Spending (BRACE) programme. Climate and disaster resilience of 22 dozen coastal towns in Bangladesh.”
COP27 is being held at a time of unprecedented challenges around the world. The global community must unite for new global commitments in Egypt for large-scale decarbonization and a significant increase in concessional and grant aid to the most suffering developing countries. it won’t work.
“The time has come to strengthen and mobilize resource types on conditions that enable countries to actually use resources to adapt to climate change and increase resilience,” Evans said.
