The president of the Asian Development Bank has called for a new climate change financing framework to achieve the sustainable development of the Asian economy.
Asakawa Masatsugu addressed the opening ceremony of the bank's annual conference in Incheon, South Korea, on Wednesday.
Asakawa said, "We need to recognize that development is no longer possible without effective climate action."
He added, "The traditional models of lending and grant-making will not be enough," and stressed that the ADB and other global development banks need to answer the call to do more.
Prior to Asakawa, South Korean President Yoon Suk-yeol delivered a speech. He said climate change and the digital divide are new issues that must be addressed at a time when the global economy faces great difficulties after the pandemic.
He said the South Korean government "plans to actively contribute to the Indo-Pacific region's economic and development cooperation."
In the conference, the ADB has unveiled a new program that will provide up to 15 billion dollars in loans to emerging and developing nations for measures against climate change.
The four-day meeting began on Tuesday. Japan is represented by Finance Minister Suzuki Shunichi and Bank of Japan Governor Ueda Kazuo.
Suzuki is scheduled to give a speech on Thursday to explain the country's support for the ADB's new climate action.