CAREC Session at ADB Annual General Meeting 2024
CAREC High-Level Session at the 57th ADB Annual Meeting: “Financing Greener Value Chains in the Central Asia Regional Economic Cooperation (CAREC) Region” in Tbilisi on May 2024
On 2 May 2024, CAREC officials, private sector representatives, and development partners met in Tbilisi during ADB’s 57th Annual Meeting to explore policy options and regional initiatives for reducing carbon footprint in trade. The discussions focused on CAREC countries’ experiences, national priorities, and perspectives on strengthening CAREC’s linkages with global value chains while advancing the climate agenda.
Vice President (South, West and Central Asia) Yingming Yang, in his opening remarks (delivered by CWRD Director General (DG) Eugene Zhukov), highlighted the importance of innovative approaches to mobilize private sector capital and to increase capacity to prepare high-quality regional projects focused on climate, economic diversification, strengthening supply chains, and sustainability.
CWRD DG Zhukov shared preliminary results of ADB’s study which emphasizes the need for CAREC countries to prepare for the economic implications of carbon border adjustment mechanism (CBAM) in CAREC economies given their strong trade linkages with the EU. ADB Special Senior Advisor (Climate Change) Warren Evans underscored the need to mobilized climate financing, including use of blended finance for low-carbon initiatives.
EARD DG Ehsan Khan in his closing remarks highlighted the urgent call for strengthened coordination of IFIs and private sector involvement in helping CAREC countries achieve their climate change objectives. Panel speakers including ADB Governor for the Republic of Azerbaijan and Minister of Finance Samir Sharifov and WTO Deputy Director General Jean-Marie Paugam shared their perspectives towards global ambitions in preparation for COP29 in Baku. The Session was moderated by renowned historian and author of the Silk Roads and The Earth Transformed Peter Frankopan. The CAREC Climate Change Vision promotes greening of regional trade and trade as part of climate solutions. Read the ADB News Release.
Event Documents