Immediate steps are needed to lower the carbon intensity of development and improve the resilience of societies to climate change, Asian Development Bank (ADB) President Haruhiko Kuroda said today.
Speaking at the ‘Delhi Sustainable Development Summit’ in India, Mr. Kuroda placed strong emphasis on the need for new investment in climate technologies, calling for the use of public financing to leverage private capital.
Mr. Kuroda identified the need for more involvement of venture capitalists, with ADB hoping to generate $500 million in new venture capital investments in climate technologies. He also called for the wider deployment of existing technologies, noting ADB’s support to the Asia Solar Energy Initiative, which aims to establish 3,000 megawatts of solar power in the region.
On the need for climate adaptation, Mr. Kuroda characterized the Asia and Pacific region as “becoming more vulnerable to weather extremes, rising sea levels, and other phenomena, with poor communities, particularly women and children, the hardest hit”.
Mr. Kuroda called for local innovation to scale up action with technologies that are appropriate to the needs of communities, families and individuals. He also advocated local ownership in the development of technologies, with solutions customized to specific communities and markets.
“Multilateral and bilateral aid agencies, governments, the private sector, and civil society must all work together to expand the capabilities and coordination of local communities so their ingenuity can be tapped,” Mr. Kuroda said.
ADB is a regional leader in responding to climate change and is actively engaged in the Delhi meeting, with its Vice-President for Knowledge Management and Sustainable Development and the Vice-President for Private Sector and Cofinancing Operations also speaking at the event.
