What banks do to tackle climate change matters, as the Asia-Pacific braces for the worst
Helena Wright says with Asia and the Pacific facing a huge threat from the costs of global warming, the ADB’s new green framework is timely, and regional banks, including those from China, need to follow its lead
The Asian Development Bank (ADB) has just finalised an ambitious new framework, setting out how it will face the challenge of climate change up to 2030.
What the ADB does matters. It is the regional development bank for Asia and the Pacific, with operations of over US$30 billion last year, and it recognises the huge threat climate change poses to this vast region.
Most of Asia’s economic centres are located on coastlines, and the Asia-Pacific has the largest number of climate-vulnerable people worldwide. By 2050, more than 1.6 billion people in the region are expected to be at risk of cyclones, which are set to become more intense.
Other climate impacts include heat waves, rising sea levels and changes to rainfall patterns, with effects on health, agriculture and migration. At just 2 degrees of warming, the world’s coral reefs would be wiped out, with disastrous impacts for the world’s fish stocks.