ADB Launches Initiative to Help Tbilisi Tap Private Sector Finance, Meet Climate Resilience Goals

ADB Launches Initiative to Help Tbilisi Tap Private Sector Finance, Meet Climate Resilience Goals

access_time2022-08-05 09:00:24

The Asian Development Bank (ADB) has launched a new initiative to provide direct advisory support to help cities across Asia and the Pacific, including Tbilisi, to meet their climate resilience goals while improving their infrastructure and urban services. 

The Creating Investable Cities initiative, unveiled at the World Cities Summit in Singapore, will provide hands-on advisory support and capacity-building resources to 20 cities in Asia and the Pacific in the initial phase. The initiative will support these partner cities in mainstreaming climate resilience into their policies and projects, developing local resources mobilization strategies, and improve their access to private sector finance.

Urbanization is a powerful force in Asia and the Pacific and by 2030 the region will have nearly 200 cities each with more than a million people. Cities are the engines of global growth, generating 80% of GDP worldwide. But they also produce nearly 70% of the world’s greenhouse gas emissions and 50% of the waste. With six of the top-10 vulnerable countries of the world located in Asia and the Pacific amid rapid urbanization, its urban poor are particularly vulnerable to the impacts of climate change. 

Collaborations with Makassar, Indonesia; Penang, Malaysia; Tbilisi, Georgia; and Ulaanbaatar, Mongolia are underway. Each of these cities is seeking leapfrog solutions to help them to decarbonize their electricity grid, green their built environment, improve urban mobility including through electric vehicles, transition to a circular economy, conserve water, and enhance their urban service delivery and asset management through smart and integrated planning and investment. 

Before the coronavirus disease (COVID-19) pandemic, ADB estimated that Asia-Pacific needs to raise almost $1.7 trillion per year to close its infrastructure gap, $200 billion of which should come from the private sector. 


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