The Asian Development Bank (ADB) will make large-scale investments in increasing regional clean energy capacity,the bank's Vice President Yingming Yang said at the event titled "Global Financial System: Expanding Financing for Climate Action" organized within COP29, Report informs.
According to him, these investments will allow small economies in the region, such as Tajikistan and Kyrgyzstan, to convert their hydroelectric resources into economic growth, jobs, and income, while making a significant contribution to expanding the use of renewable energy in the region.
"ADB is also in talks with the International Monetary Fund (IMF) to promote regional cooperation and integration towards 'green goals.' Initially, we agreed on how to strengthen our cooperation in promoting digital connectivity in Central Asia. Two days ago, we launched an innovative climate finance facility in the Asia-Pacific region. ADB has also created a just transition partnership support program that supports the development of national and sectoral framework strategies, action plans, and investment roadmaps for just transition in developing countries," the vice president noted.