Several countries have reached peak GHG emissions levels and many more have a commitment to a peak in emissions in the future. By 2030, countries representing at least 60% of global emissions are committed to reach their respective peaks.
The People’s Republic of China recently announced that they will achieve a peak in emissions before 2030 and carbon neutrality by 2060, while Fiji, Japan, the Republic of Korea, Marshall Islands, and Timor-Leste have joined the Carbon Neutrality Coalition. There is a call for action to maximize climate action through more vigorous policies and transformative measures to build back better and pursue green, inclusive, and resilient recovery in the post-COVID era.
There is a significant opportunity for countries to integrate low-carbon development in their COVID-19 rescue and recovery measures, and to incorporate these into updated nationally determined contributions (NDCs) and long-term low greenhouse gas (GHG) and climate-resilient development strategies (LTSs).
As more ambitious climate goals are pursued, ADB is ready to provide assistance in developing infrastructure such as clean energy, sustainable transport, reducing climate change vulnerabilities, promoting livable cities, and creating integrated solutions for the low carbon transition of its Developing Member Countries (DMCs) with a commitment of $80 billion in climate financing for Asia and the Pacific.
By supporting investments in innovative projects with high demonstration and replication value, and fostering private sector participation, ADB can support DMCs in reducing carbon intensity and formulating action plans for carbon emissions peaking and achieving sustainable growth.
The session aims to discuss the emission reduction trajectories of ADB’s DMCs and measures that can be taken to promote low carbon development in the post-COVID era. The session will also examine roadmaps of countries to reach carbon emission peaking and carbon neutrality, the challenges and opportunities to be faced, and how ADB can provide more support to its DMCs in the form of investments in clean energy infrastructure, policy reforms, capacity building support, and knowledge sharing to achieve environmentally sustainable development.
I. The first part of the session will discuss trends in countries’ reaching peak GHG emissions, emission reduction trajectories, and measures
that can be taken to promote low carbon development in the post-COVID era.
Countries reaching peak GHG emissions over time, tools that can be used for reporting and analyzing climate efforts, and strengthening climate action
COVID19 Recovery: A Pathway to a Low-Carbon and Resilient Future and opportunities on how to align long term strategies with a green, inclusive, and resilient recovery
|11:00-11:10 a.m.||Question and Answer|
|11:10 -11:40 a.m.||
II. The second part of the session explores how more advanced member countries in Asia and the Pacific are planning to achieve a peak in their emissions
through long-term strategies, policies, and carbon pricing instruments, among others. This session aims to share several options, challenges, and lessons
learned which may be relevant to other DMCs in pursuing a low carbon development path. We will also discuss how ADB can support its DMCs in reaching
peak GHG emissions through investments in clean energy infrastructure, policy reforms, and capacity building support to achieve environmentally sustainable development.
People’s Republic of China’s carbon pricing efforts to help achieve the goal of carbon peaking: domestic ETSs, carbon tax, and clean energy policies
Japan’s socio-economic drivers of GHG emissions and relevant policies for climate change mitigation, the challenges for realizing the long-term strategies
Republic of Korea’s experience, lessons, and challenges to develop and implement the long-term strategies and measures in achieving carbon emission
|11:40-11:55 a.m.||Question and Answer|
|11:55 a.m. -12:00 p.m.||
Point of Contact
Xuedu Lu, East Asia Sustainable Infrastrructure, Asian Development Bank