TBILISI, Georgia, May 5. ADB-funded climate projects need more transparent evaluation of efficiency, Assistant Secretary for International Development Policy at the US Department of the Treasury Alexia Latortue said at the Asian Development Bank's (ADB) 57th annual meeting in Tbilisi, Trend reports.
“Several years back, President Masatsugu Asakawa unveiled ADB's transformation into the region's climate bank, and we're delighted to witness ADB's significant progress. Additionally, ADB has embraced a fresh Climate Change Action Plan (CCAP) aimed at embedding climate consciousness into the institution's core. This comprehensive plan influences all facets of the bank's endeavors, spanning planning, operations, financing, partnerships, and knowledge dissemination, instilling responsibility and accountability throughout every phase,” she said.
Latortue emphasized that the US also appreciates ADB's leadership in the Indonesia Just Energy Transition Partnership (JETP).
“In 2023, ADB pledged an unprecedented sum of financing for climate change adaptation and mitigation efforts. By July 2023, all new sovereign operations and a minimum of 85 percent of non-sovereign operations were aligned with the targets of the Paris Agreement. As part of the midterm review of Strategy 2030, the bank is in the process of revising its climate targets to mirror heightened ambitions and expanded financing capabilities,” she said.
She emphasized that to fulfill President Asakawa's commitment, ADB's success should be evaluated not solely by the amount of funds distributed, but also by the tangible impact generated.
“This will require a stronger focus on monitoring diagnostics, measurement and evaluation during implementation, as well as transparent 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 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.
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