The Asian Development Bank (ADB) needs to maintain high ambitions for climate policy while simultaneously strengthening corporate governance, oversight functions, and the effective allocation of existing resources, Jerome Larosch, Acting Alternate Governor for the Netherlands in the ADB, said during the Governors' Business Session at the 59th Annual Meeting of the ADB Board of Governors, Report informs.
As Larosch noted, the Netherlands has identified four strategic priorities to strengthen the bank's position in supporting the development of its member countries.
First and foremost, the emphasis is on the need for effective and sustainable governance: open and inclusive decision-making mechanisms, transparency, and timely consultations with shareholders build the foundation of trust and enable the bank to respond promptly to member countries' requests.
As a second important area, he identified strengthening oversight functions, which is particularly relevant as ADB's activities expand, including operations in the private sector.
This requires the creation of robust forecasting and risk management systems, including in the areas of integrity and anti-corruption.
The third priority area, as he emphasized, is the climate agenda.
ADB is called upon to maintain a high level of ambition in achieving climate goals and adhering to its commitments under the Paris Agreement, while ensuring the rigor of its applied standards, including ESG principles and effective accountability tools.
Finally, he highlighted the gradual transition of countries from recipient status as a key condition for the bank's long-term financial sustainability.
He believes that a differentiated and phased approach will enable countries to support them during the transition phase, while simultaneously allowing ADB to focus resources where they are most needed.
In this context, coordination and coherence in interactions with other multilateral development institutions are essential.