Message by ADB President Masatsugu Asakawa for the Strategy 2030 Midterm Review

The Asian Development Bank (ADB) has approved an ambitious new road map to guide its evolution and scale up its support on key challenges facing Asia and the Pacific, including accelerated efforts to combat climate change and expand private sector development.

In a pre-recorded video message, ADB President Masatsugu Asakawa introduces ADB’s Strategy 2030 Midterm Review—an update of its corporate strategy—which outlines how the bank will transform in a rapidly changing development landscape and respond to challenges that threaten its vision for a prosperous, inclusive, resilient, and sustainable region.

The Strategy 2030 Midterm Review was approved on 6 September 2024. 
 

Transcript

Asia and the Pacific is changing rapidly. Conflict, the climate crisis, and economic vulnerability are threatening people, their livelihoods, and ecosystems more than ever before.

At the Asian Development Bank, we recognize these challenges, and we are evolving to meet them.

I’m pleased to announce an ambitious new roadmap, to guide ADB’s continued evolution and achieve our vision of a prosperous, inclusive, resilient, and sustainable Asia and the Pacific.

This roadmap is the result of our midterm review of Strategy 2030. We have reflected on ADB’s achievements and outlined what we need to do to transform our mission, boost our financial capacity, and enhance our operations.

ADB has been a pioneer on the MDB evolution agenda. This new roadmap builds on our accomplishments and sets the stage for the work ahead.

Let me share some new targets that we have established.

Sustained climate action requires finance. So, we aim to deliver more than $100 billion in cumulative climate finance between 2019 and 2030, with climate financing reaching half of our total committed financing volume by 2030.

We also recognize that, in order to solve regional and global challenges, we need the private sector. And so, we aim to provide $13 billion in private sector financing annually by 2030 — three times where we are now.

An enabling environment is also needed for the private sector to grow and develop. So, 40% of our sovereign operations annually by 2030 will help create the conditions for more private sector development.

Our roadmap identifies five crucial areas: climate action, private sector development, regional cooperation and public goods, digital transformation, and resilience and empowerment. These are priorities for building dynamic economies and sustaining a healthy planet.

Reaching our targets and delivering on these priorities will not be easy. It will require commitment from us all, and strong support from our partners.

But I am confident that together, we can solve these challenges, connect the region, and empower people across Asia and the Pacific.