{"id":114433,"date":"2021-06-24T10:57:18","date_gmt":"2021-06-24T05:27:18","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=114433"},"modified":"2021-06-24T10:57:18","modified_gmt":"2021-06-24T05:27:18","slug":"the-role-of-multilateral-lenders-in-minimizing-climate-change","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/the-role-of-multilateral-lenders-in-minimizing-climate-change\/","title":{"rendered":"The role of multilateral lenders in minimizing climate change"},"content":{"rendered":"\n<p><b><span data-contrast=\"none\">Synopsis:\u00a0<\/span><\/b><span data-contrast=\"none\">Asia should take bold measures and launch green projects in the energy sector to make a difference.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h5><b><span data-contrast=\"none\">Introduction\u00a0<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h5>\n<p><span data-contrast=\"none\">We must fight climate change, meet the emission-reduction goals under the Paris Agreement, all while promoting economic growth and putting the region\u2019s development on a green path.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h5><b><span data-contrast=\"none\">Why\u00a0is\u00a0the efforts\u00a0of\u00a0 Asia\u00a0important in the climate change battle?<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h5>\n<p><span data-contrast=\"none\">Asia accounts for 36% of the global GDP, has made progress in economic development and poverty reduction.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"36\" aria-setsize=\"-1\" data-aria-posinset=\"267\" data-aria-level=\"1\"><span data-contrast=\"none\">It is also responsible for 80% of the world\u2019s coal consumption, and 60% of CO2 emissions.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"36\" aria-setsize=\"-1\" data-aria-posinset=\"268\" data-aria-level=\"1\"><b><span data-contrast=\"none\">\u00a0Many countries have experienced the devastating consequences of climate change:<\/span><\/b><span data-contrast=\"none\">\u00a0floods, droughts, heat waves and storms.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"36\" aria-setsize=\"-1\" data-aria-posinset=\"269\" data-aria-level=\"1\"><b><span data-contrast=\"none\">The region requires major changes in the energy sector.\u00a0<\/span><\/b><span data-contrast=\"none\">These include: avoiding the use of fossil fuels and switching to low-carbon fuels, deploying more renewable energy, improving energy efficiency, reducing final energy demand, and incentivizing investment in low-carbon technologies.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"36\" aria-setsize=\"-1\" data-aria-posinset=\"270\" data-aria-level=\"1\"><b><span data-contrast=\"none\">A commitment across the region will be needed to meet the goal of limiting global warming<\/span><\/b><span data-contrast=\"none\">\u00a0to no more than 2 degrees above pre-industrial levels.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"36\" aria-setsize=\"-1\" data-aria-posinset=\"271\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Asia needs to balance climate mitigation and adaptation efforts.<\/span><\/b><span data-contrast=\"none\">\u00a0Ensuring universal energy access is critical as more than 200 million people in the region still have no electricity.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"36\" aria-setsize=\"-1\" data-aria-posinset=\"70\" data-aria-level=\"2\"><span data-contrast=\"none\">Countries such as China, Fiji, Japan, the Republic of Korea, Maldives, the Marshall Islands, Singapore and Timor-Leste have pledged carbon-neutrality.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<h5><b><span data-contrast=\"none\">How will the ADB help in minimizing climate change?<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/h5>\n<p><span data-contrast=\"none\">The (ADB) is ready to take on a leadership role in the region in meeting these commitments. It aims at stepping up our climate finance and capacity-building efforts to\u00a0help developing\u00a0member countries achieve their NDCs.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"36\" aria-setsize=\"-1\" data-aria-posinset=\"272\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Firstly, under\u00a0ADB\u2019s Strategy\u00a02030, the target is to focus 75% of Asian Development Bank\u2019s operations on climate adaptation and\u00a0mitigation<\/span><\/b><span data-contrast=\"none\">. $80 billion in climate financing from 2019 to 2030 will be provided.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"36\" aria-setsize=\"-1\" data-aria-posinset=\"273\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Secondly, ADB will contribute to the global effort envisioned by COP26<\/span><\/b><span data-contrast=\"none\">. We will promote a holistic approach that integrates the ecological, social and financial aspects of flexibility across our operations.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"36\" aria-setsize=\"-1\" data-aria-posinset=\"274\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Thirdly, private sector operations to support this agenda should be continued<\/span><\/b><span data-contrast=\"none\">. It should fill investment gaps and lead technological and business innovation in the pursuit of sustainable solutions.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"36\" aria-setsize=\"-1\" data-aria-posinset=\"71\" data-aria-level=\"2\"><b><span data-contrast=\"none\">Technology advances have slashed the costs of producing renewable energy by up to 80%\u00a0<\/span><\/b><span data-contrast=\"none\">in the case of solar photovoltaics. Emerging technologies like smart grids, energy storage and hydrogen make it easier to integrate renewable energy into power networks and distributed energy systems.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"36\" aria-setsize=\"-1\" data-aria-posinset=\"72\" data-aria-level=\"2\"><b><span data-contrast=\"none\">Smart technologies have enhanced the flexibility and resilience of power networks<\/span><\/b><span data-contrast=\"none\">. Digitalization has boosted energy efficiencies on the demand side.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"36\" aria-setsize=\"-1\" data-aria-posinset=\"275\" data-aria-level=\"1\"><b><span data-contrast=\"none\">Lastly, for cross-sectoral impact, innovative energy projects are utilizing public-private sector synergies<\/span><\/b><span data-contrast=\"none\">.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"o\" data-font=\"Courier New\" data-listid=\"36\" aria-setsize=\"-1\" data-aria-posinset=\"73\" data-aria-level=\"2\"><b><span data-contrast=\"none\">For example, in Thailand, ADB provided long-term financing for a 10MW wind power project<\/span><\/b><span data-contrast=\"none\">\u00a0with an integrated 1.88MW-hour pilot battery energy storage system. It is the first private sector project in the country to integrate utility-scale wind power generation with battery storage.\u00a0<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><b><span data-contrast=\"none\">The conclusion\u00a0<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"36\" aria-setsize=\"-1\" data-aria-posinset=\"276\" data-aria-level=\"1\"><span data-contrast=\"none\">ADB envisions an energy policy that is aligned with global commitments under the Paris Agreement and is responsive to the needs of our DMCs as they build sustainable and resilient energy systems. It could include a formal withdrawal from financing new coal-fired power plants.<\/span><span data-ccp-props=\"{&quot;134233279&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><b><span data-contrast=\"none\">Source:\u00a0<\/span><\/b><a href=\"https:\/\/epaper.livemint.com\/Home\/ShareArticle?OrgId=23663f56dfe&amp;imageview=0\"><b><span data-contrast=\"none\">click here<\/span><\/b><\/a><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Synopsis:\u00a0Asia should take bold measures and launch green projects in the energy sector to make a difference.\u00a0 Introduction\u00a0\u00a0 We must fight climate change, meet the emission-reduction goals under the Paris Agreement, all while promoting economic growth and putting the region\u2019s development on a green path.\u00a0 Why\u00a0is\u00a0the efforts\u00a0of\u00a0 Asia\u00a0important in the climate change battle?\u00a0 Asia accounts&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/the-role-of-multilateral-lenders-in-minimizing-climate-change\/\">Continue reading <span class=\"screen-reader-text\">The role of multilateral lenders in minimizing climate change<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,8043,9],"tags":[],"class_list":["post-114433","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-current-affairs-cat","category-public","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704944868},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/114433","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=114433"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/114433\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=114433"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=114433"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=114433"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}