Record-breaking $6 Billion Climate Investments in Central and West Asia
Climate investments in Central and West Asia reach $186 billion, says ADB official
Bishkek, 03 May 2024 – The total volume of climate investments in Central and West Asia has reached approximately $186 billion, according to Eugene Zhukov, the Director General of the Central and West Asia Regional Department at the Asian Development Bank (ADB). Zhukov made this announcement during a special session at the 57th Annual Meeting of the ADB.
Zhukov highlighted the importance of mobilizing private sector capital and emphasized the need to prepare for high-quality social projects with a focus on climate issues. The ADB is currently working on establishing a donor fund for climate and sustainability project preparation under the Central Asia Regional Economic Cooperation (CAREC) program.
The region faces challenges such as high transport and trade costs, which hinder diversification. Zhukov noted that CAREC countries are heavily reliant on trade and fossil fuels, leading to increased greenhouse gas emissions and environmental degradation.
In response to these challenges, the ADB is considering incorporating trade into climate solutions. Zhukov stressed the potential of critical elements in the CAREC region to support renewable energy initiatives and the development of clean technologies like wind turbines, solar panels, electric vehicles, and battery storage.
Furthermore, Zhukov highlighted the importance of accelerating reforms in trade facilitation and logistics to promote sustainable value chains in CAREC countries. He also emphasized the benefits of full digitalization of trade processes in the region, which could help reduce carbon emissions by 13 million tons.
Overall, the ADB is committed to supporting climate investments and sustainability efforts in Central and West Asia, recognizing the crucial role that the region plays in addressing climate change and promoting green growth.
