As of today, the total volume of climate investments in Central and West Asia is about $186 billion. ADB Director General of Central and West Asia Regional Department, Eugene Zhukov, said at a special session as part of the 57th Annual Meeting of Asian Development Bank.
According to him, in order to mobilize private sector capital, it is necessary to prepare the potential for implementation of high-quality social projects with a focus on climate. Meanwhile, the ADB itself is now working to establish a donor fund for climate and sustainability project preparation under the Central Asia Regional Economic Cooperation (CAREC) program.
«High transport and trade costs make diversification very low in our region. CAREC countries are very dependent on trade and fossil fuels, which contributes to greenhouse gas emissions and environmental degradation,» Eugene Zhukov said.
ADB is considering inclusion of trade in climate solutions.
«Critical elements, which are very abundant in the CAREC region, can play an important role in renewable energy achievements and contribute to the development of clean technologies from wind turbines, solar panels, electric vehicles, and battery storage,» Eugene Zhukov said.
He also recalled that CAREC countries should accelerate reforms in trade facilitation and logistics to promote sustainable value chains. Full digitalization of trade processes in the CAREC region will help reduce carbon emissions by 13 million tons.
