Estimated reading time: 2 minutes
The Asian Development Bank (ADB) launched a just transition support platform on November 14. The initiative is part of ADB’s commitment to ensuring that the benefits of the shift to low-carbon, resilient economies are shared equally and that no individual, community, or region is left behind.
The technical assistance platform aims to build the capacity of ADB’s developing member countries (DMCs) to strategically plan, implement, and finance just transition, manage any negative impacts, and increase benefits from the transition to net zero.
Director General of ADB’s sustainable development and climate change department Bruno Carrasco, said, “This platform will help to build inclusive and equitable action toward achieving net zero in Asia and the Pacific, while maximising the gender, social, and economic outcomes of climate action.
“The just transition support platform will help our DMCs implement practical just transition approaches to meet their goals under the Paris Agreement.”
Asia and the Pacific account for more than half of all global greenhouse gas emissions and is simultaneously highly vulnerable to the impacts of climate change. There is an urgent need for a rapid and just transition toward net zero.
Asia-Pacific remains home to a large share of the world’s low-income population despite impressive economic growth in recent decades, with women particularly continuing to face persistent inequality and vulnerability.
The region is also home to innovation, talent, and resilient communities ready to take advantage of opportunities presented by the transition.
In 2019, multilateral development banks (MDBs), including ADB, committed to supporting countries as they transform their economies toward low-carbon and climate-resilient development. The MDBs also committed to supporting a just transition that promotes economic diversification and inclusion of women and marginalised groups.
MDBs last year developed a set of MDB just transition high-level principles to articulate a common understanding of MDB support for just transition and guide MDB policies and activities.
A commitment was also put into place to support a just transition that promotes economic diversification and inclusion of women and marginalised groups.
Comments are closed.