(MENAFN- Trend News Agency) TBILISI, Georgia, May 5. ADB-funded climateprojects need more transparent evaluation of efficiency, AssistantSecretary for International Development Policy at the US Departmentof the Treasury Alexia Latortue said at the Asian DevelopmentBank's (ADB) 57th annual meeting in Tbilisi, Trend reports.
“Several years back, President Masatsugu Asakawa unveiled ADB'stransformation into the region's climate bank, and we're delightedto witness ADB's significant progress. Additionally, ADB hasembraced a fresh Climate Change Action Plan (CCAP) aimed atembedding climate consciousness into the institution's core. Thiscomprehensive plan influences all facets of the bank's endeavors,spanning planning, operations, financing, partnerships, andknowledge dissemination, instilling responsibility andaccountability throughout every phase,” she said.
Latortue emphasized that the US also appreciates ADB'sleadership in the Indonesia Just Energy Transition Partnership(JETP).
“In 2023, ADB pledged an unprecedented sum of financing forclimate change adaptation and mitigation efforts. By July 2023, allnew sovereign operations and a minimum of 85 percent ofnon-sovereign operations were aligned with the targets of the ParisAgreement. As part of the midterm review of Strategy 2030, the bankis in the process of revising its climate targets to mirrorheightened ambitions and expanded financing capabilities,” shesaid.
She emphasized that to fulfill President Asakawa's commitment,ADB's success should be evaluated not solely by the amount of fundsdistributed, but also by the tangible impact generated.
“This will require a stronger focus on monitoring diagnostics,measurement and evaluation during implementation, as well astransparent measurement and achievement of results,” she said.
To note, the theme of the 57th ADB Annual Meeting in Tbilisi,which runs from May 2 through May 5, is "Bridge to the Future".
The annual meeting provides ADB Governors with a platform toaddress developmental issues and challenges confronting theAsia-Pacific region. The event typically attracts several thousandparticipants, including finance ministers, central bank governors,senior government officials, private sector representatives,members of international and civil society organizations, youth,academics, and media personnel.
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