Asian Development Bank (ADB) Vice President Shixin Chen highlighted the importance of regional knowledge sharing for ADB developing member countries (DMCs) in their transition toward low-carbon and resilient economies.

He said this in his opening remarks at the 7th Asia-Pacific Forum on Green and Low-carbon Development and the 2023 East Asia Forum in Changsha, Hunan Province, in China (PRC) on Saturday (October 21).

The annual Asia-Pacific Forum on Green and Low-carbon Development, co-hosted by ADB and the Hunan provincial government since 2016, is an international venue for experts to share knowledge on best practices in climate action, according to a press release from ADB.

This year’s event was combined with ADB’s Second East Asia Forum on the shared theme of “Transition and Innovation: Sharing New Opportunities, Promoting New Development."

“We are facing a global climate crisis. The severe heat waves and flooding we have seen across the world this summer are a stark reminder of the effects of global warming. Such severe events have become frequent around the globe and wreak havoc not just on public infrastructure and the economy, but worse, they claim lives,” said Chen, highlighting the urgency for collaboration in climate action.

“This forum is essential because it brings all of us together from around the globe to share knowledge on emerging new technologies, practices, and policies that can accelerate the transitions to low-carbon and resilient economies.”

Experts presented the latest developments in clean energy, emerging technologies for reducing emissions in transport, manufacturing, agriculture, cities, and new innovations in climate finance at the forum, which was also attended by the vice governor of Hunan Provincial Government, vice ministers from the Ministry of Ecology and Environment and the Ministry of Finance, senior management of international organizations, and participants from ADB’s DMCs.

ADB presented four innovative climate investment projects in the PRC that are contributing to the country’s sustainable green future and have the potential for replication in other DMCs in Asia and the Pacific. In 2021, ADB raised its ambition to deliver climate financing to its DMCs to $100 billion from 2019 to 2030.