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.