TBILISI, Georgia, May 4. The climate crisis is becoming more critical before our eyes, ADB Managing Director General WooChong Um said during panel discussions on the topic "Achieving Climate Outcomes for Transformation" at the ADB annual meeting in Tbilisi today, Trend reports.
"The climate crisis is intensifying right before our eyes. The past nine years have been the warmest on record, and 2024 promises to be even hotter. Over the last ten months, up to March, a new global temperature record has been set. The increasing number of extreme weather events is already testing our resilience and adaptability. The consequences of climate change, from unprecedented droughts to devastating floods, are becoming increasingly apparent and occurring much more frequently. Expanding the flows of available financing is key to achieving the economic and social transformations needed to achieve the climate outcomes we require," he said.
According to him, climate change will lead to a 19 percent reduction in global economic output by 2050, even with sharp emission cuts.
"The only way to overcome this unprecedented challenge of transitioning the economy to a net-zero pathway and protecting the lives and livelihoods of those on the front lines of climate change is to unite our efforts. That's why our discussions today are dedicated to how we can harness the collective will and resources of multilateral development banks, governments, and the private sector as a catalyst for transformative change. When institutions and organizations with resources, expertise, and commitment to climate action work together, we can change the situation," he added.