The Asian Development Bank (ADB) plans to launch an ASEAN Climate Finance Policy Platform, which will support Southeast Asian finance ministry leaders in advancing collective action in the battle against climate change, ADB President Masatsugu Asakawa announced Wednesday.

“Climate change is the most urgent issue facing Southeast Asia,

“This platform will strengthen economic and fiscal policies for climate action in the region,” Asakawa said in a statement.

He was speaking at the opening of the High-Level Policy Dialogue of the ASEAN Finance Ministers, Enhancing the Role of Ministries of Finance for Climate Action in Southeast Asia, on the sidelines of the 11th ASEAN Finance Ministers and Central Bank Governors’ Meeting.

According to the statement, increasing numbers of ASEAN countries are integrating climate risks into public investment and financial management, with the role of finance ministries becoming increasingly pivotal in addressing climate-related fiscal risks and mobilizing climate finance.

The new platform will enhance collaboration and exchange across finance ministries, and support countries in sharing experience, building capacity, and strengthening evidence-based policies.

The platform will be supported by technical assistance from ADB.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.

ADB commits record climate finance of almost $10B in 2023