More transparent assessment of the effectiveness of ADB-financed climate projects is needed – 2024-05-09 22:00:53

by times news cr

2024-05-09 22:00:53

More transparent assessment of the effectiveness of ADB-financed climate projects is needed.

As Day.Az reports on Sunday with reference to Trend, Assistant Secretary for International Trade and Development of the US Treasury Department Alexia Latortue said this in a statement following the annual meeting of the ADB in Tbilisi.

“Several years ago, President Asakawa announced that ADB would become the region’s climate bank, and we are pleased to see how far ADB has come. ADB has also adopted a new Climate Change Action Plan (CCAP) to embed climate in the institution’s DNA. CCAP touches every aspect of its operations. bank: from planning to operations, financing, partnerships and knowledge, creating responsibility and accountability at all stages,” she said.

Latortu emphasized that the United States also appreciates ADB’s leadership in Indonesia‘s Just Energy Transition Partnership.

“In 2023, ADB provided record levels of financing for climate change adaptation and mitigation. As of July 2023, all new sovereign operations and at least 85 percent of non-sovereign operations are compliant with the goals of the Paris Agreement. The bank’s climate goals are being reviewed as part of the Strategy’s midterm review 2030 to reflect the high level of ambition and increased overall funding potential,” she said.

In her view, for ADB to truly deliver on President Asakawa’s promise, success must ultimately be measured not only by the dollars paid, but also by the impact achieved.

“This will require greater attention to diagnostics, measurement and evaluation during implementation, as well as transparent measurement and delivery of results,” she said.

Note that the theme of the 57th annual meeting, which runs from May 2 to 5, is “Bridge to the Future.”

The annual meeting provides ADB Governors with an opportunity to consider development issues and challenges facing the Asia-Pacific region. The meeting is regularly attended by several thousand participants, including finance ministers, central bank governors, senior government officials, representatives of the private sector, representatives of international and civil society organizations, youth, academia and the media.

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