TBILISI, Georgia, May 3. We need to strike a balance between adaptation and mitigation of climate change, Minister of Environment, Forestry, and Climate Change of Bangladesh Saber Hossain Chowdhury said during the "ADB’s Evolution Roadmap: Update to Strategy 2030" panel discussion at the 57th annual meeting of the bank in Tbilisi, Trend reports.
"At COP29, financial matters will take center stage, including our new collective quantitative target on climate finance set to commence in 2035.
With the emergence of loss and damage as a new factor, adaptation to climate change becomes increasingly vital. The past decade has emphasized mitigation, followed by adaptation, yet it's evident we haven't addressed both adequately, necessitating discussions on loss and damage.
We aim to avoid loss and damage dominating the agenda. Effective adaptation and ample resources allocated to it can mitigate the burden of loss and damage. Investments made today will be far less than future costs, underscoring the urgency of action. Key challenges persist in articulating, monetizing, and evaluating adaptation, alongside balancing adaptation with mitigation and defining climate finance, all essential for enhancing effectiveness in addressing climate change," he 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 inaugural session of the Board of Governors is scheduled for May 4, marking the official commencement of the annual meeting. Distinguished guests from the host country will be in attendance. ADB President Masatsugu Asakawa and Georgia's Minister of Finance and Chairman of the ADB Board of Governors, Lasha Khutsishvili, will deliver statements.
The annual meeting provides ADB Governors with a platform to address developmental issues and challenges confronting the Asia-Pacific region. The event typically attracts several thousand participants, including finance ministers, central bank governors, senior government officials, private sector representatives, members of international and civil society organizations, youth, academics, and media personnel.
Stay up-to-date with more news at Trend News Agency's WhatsApp channel