Highlights of the 54Th ADB Annual Meeting 2021

HIGHLIGHTS

COLLABORATION FOR RESILIENT AND GREEN RECOVERY To prepare for the virtual annual meeting, a technician readies the computers that will be used to monitor individual session speakers. HIGHLIGHTS

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On the cover, clockwise from left: President Masatsugu Asakawa speaks at the 2021 Annual Meeting Business Session; the virtual attendees of the Business Session on screen with Lasha Khutsishvili, the Chair of the 2021 Annual Meeting and Governor for Georgia in ADB, in the foreground; ADB staff working at headquarters during the annual meeting; President Masa on camera during the CNBC Debate, an annual meeting event. Contents

Message from the Secretary 6

SPECIAL FEATURE Reimagining Asia and the Pacific in a Post-Pandemic World: 7 A Conversation with President Masa Asakawa and Zeinab Badawi

WEBINARS Governors’ Seminar: Cooperation for a Resilient Future 9 CNBC Debate: Shaping the Great Reset in Asia 11 The Launch of the Asia Pacific Tax Hub 12 A Woman-Focused Recovery for a More Inclusive Post-COVID-19 Future 13 Policies to Support a Green and Inclusive Recovery 14 Unleashing Venture Capital for a Robust, Green, and Inclusive Recovery 15 Raising the Bar on Climate Ambition: Road to COP26 16 Climate Change and Sovereign Risk 18

INSTITUTIONAL AND CORPORATE EVENTS Building Resilience in Fragile, Conflict Affected, and Small Island Developing States 20 Governors’ Business Session 21

REGIONAL EVENT CAREC at 20: Reimagining Regional Cooperation Through Digital Transformation 23

CIVIL SOCIETY PROGRAM Meeting Between Civil Society Organizations and ADB Management 26 Collaboration for Resilient and Green Recovery: Realizing the Potential of 27 a Sustainable Blue Economy Civil Society Reflections on ADB’s COVID-19 Operations 28 Advancing the Progress toward Achieving the SDGs Post-COVID-19 29 Meaningful Youth Engagement for an Inclusive Recovery 30 Reviewing ADB’s Energy Policy to Meet Paris Goal of 1.5 Degrees Celsius 31

Visit the 2021 Annual Meeting website to access the Summary of Proceedings, news articles, event photos, videos, and more: adb.org/annual-meeting/2021

Scan this code to If you are interested in learning more about a particular seminar, send a message to access more content [email protected]. The seminar organizers’ names are listed for each event. online Masked to protect themselves from the COVID-19 pandemic, ADB Management and staff who organized the 2021 Annual Meeting at ADB Headquarters mark its conclusion. Foreground, fourth from left: ADB Secretary Muhammad Ehsan Khan with ADB President Masa Asakawa beside him. Message from the Secretary THANK YOU for your interest and Bar on Climate Ambition: The Road to participation in our 54th Annual COP26. In a spirit of open dialogue and Meeting of the Board of Governors held transparency, we also organized six civil from 3–5 May 2021. society events, with a total of 23 events In many ways, this year’s meeting in three days. was a milestone with many firsts. We were very pleased that a total At a time of great crisis marked by of 4,600+ participants registered from the most devastating pandemic in a different countries and sectors across century—we, together with Governors the region and beyond, including civil and representatives from our mem- society, youth NGOs, and ADB staff. ber countries, including civil society, It is our hope that our events have the youth, academia, and the private informed and inspired you and your sector—came together, discussed, and work in our region. Feel free to revisit envisioned the future of our region in a them at www.adb.org/annualmeeting. Scan to visit our post-COVID-19 world. While the pandemic continues website While the annual meeting was to rage in different parts of Asia and held virtually for the second year in a patches in the Pacific, our mission is row due to the pandemic, we seized clearer than ever—ADB will continue the opportunity to expand our reach to be at the forefront of helping our and program by introducing new, member countries fight the coronavirus innovative, and engaging events such disease and emerge from this crisis— as our curtain-raiser, A Conversation stronger, greener, more resilient, and with President Masa and Zeinab sustainable, building back better for our Badawi: Reimagining Asia and the present and future generations. Pacific in a Post-Pandemic World, and in preparation for the Glasgow Climate Change Conference in November Muhammad Ehsan Khan 2021, a high-level panel on Raising the The Secretary, ADB

6 Special Feature

Reimagining Asia and the Pacific in a Post-Pandemic World A Conversation with President Masa Asakawa and Zeinab Badawi

3 MAY 2021, 9:00 AM–9:30 A.M. (MANILA TIME) • SEMINAR COORDINATOR: ROQUEÑA R. DOMINGO

IN THIS CURTAIN-RAISER, President inequality and the absolute poverty masks, ventilators, testing kits, and per- Masa conversed with international situation has worsened and needs to sonal protective equipment,. This was journalist and broadcaster Zeinab be urgently addressed by all concerned. buttressed by two new, quick-disbursing Badawi on how Asia and the Pacific can He said to ensure recovery is more sus- budget financing instruments: the emerge from the coronavirus disease tainable and inclusive, what is needed $20 billion assistance package, (COVID-19) pandemic stronger, green- is more investment in people through COVID-19 Pandemic Response Option er, as well as more resilient, inclusive, and education and health. ADB has been (CPRO), and the $9 billion Asia Pacific sustainable. He outlined the path for- providing assistance on these sectors Vaccine Access Facility (APVAX) pro- ward in building back better for present pre-pandemic and he would like to viding DMCs with necessary financing and future generations. This new event expand these further going forward. to procure vaccines and help them in to open the annual meeting garnered their vaccine distribution schemes. To the most interest among participants. Helping Developing Member Countries date, $17 billion of CPRO financing has in Their Hour of Need: ADB’s Agile and been disbursed through grants, techni- The Most Devastating Pandemic in a Rapid Response cal assistance, and loans. Century and Its Impact on Asia and Right after the pandemic struck last the Pacific year, President Masa shared that ADB’s The Way Forward: Reimagining The President shared how the agile response included providing tech- Recovery for Asia and the Pacific pandemic has impacted lives and nical assistance to developing member The President also outlined the way Scan to economies throughout the region. He countries (DMCs) to enable them to forward for the region by addressing watch online pointed out that regrettably, income procure critical medical supplies such as climate change through adaptation and

In this dialogue to kick off the annual meeting, ADB President Masa Asakawa shares that income inequality and the absolute poverty situation has worsened and needs to be urgently addressed by all concerned. 7 Special Feature

This conversation between ADB President Masa Asakawa and international broadcaster and journalist Zeinab Badawi is an ADB annual meeting first.

mitigation measures, deepening regional commitment for climate change-related pandemic—women and girls. He said cooperation, and enhancing domestic re- projects and by launching the tax hub for ADB is supporting DMCs to address source mobilization and international tax Asia and the Pacific. this issue, including the increase in cooperation. He said ADB is paving the The President also highlighted the domestic violence. • way in the region through its $80 billion most severely affected group in the

The President also highlighted the most severely affected group in the pandemic—women and girls. He said ADB is supporting DMCs to address this issue, including the increase in domestic violence.

8 Webinars

Governors’ Seminar: Cooperation for a Resilient Future

3 MAY 2021, 5:00–6:30 P.M. (MANILA TIME) • SEMINAR COORDINATOR: JOSEPH ERNEST ZVEGLICH JR.

Panelists Masatsugu Asakawa, President of the Asian Development Bank (ADB) and the Chairperson of ADB’s Board of Directors Taro Aso, Governor for Japan, ADB; and Deputy Prime Minister, Minister of Finance, and Minister of State for Financial Services in Japan Carlos G. Dominguez, Governor for the Philippines, ADB; Department of Finance Secretary, Philippines Lasha Khutsishvili, Chair of the ADB Board of Governors and Governor for Georgia, ADB; Minister of Finance, Georgia Nirmala Sitharaman, Governor for India, ADB; Minister of Finance and Minister of Corporate Affairs, India Kitty van der Heijden, Alternate Governor for the Netherlands, ADB; Director General for International Cooperation in the Ministry of Foreign Affairs, Netherlands Jiayi Zou, Alternate Governor for the People’s Republic of China (PRC), ADB; Vice Finance Minister, PRC

Moderator Zeinab Badawi, International Broadcaster and Chair of the Royal African Society

THE COVID-19 PANDEMIC has dis- of digital transformation to support a One of the immediate and cri rupted cross-border trade, investment, resilient and inclusive recovery, and tical areas where international policy and tourism—exposing vulnerabilities encouraged the implementation of coordination is needed is the develop in global supply chains and turning economic policies to improve inter- ment, production, and distribution of back the clock on globalization. The net access and digital skills. He also COVID-19 vaccines. Looking at the ex- unprecedented impact of the pandemic emphasized that the future of the perience of India in vaccine production, is a reminder of how deeply connected global economy should be bridging Minister Sitharaman pointed out that all countries are and that we need to gaps and not creating artificial barriers. there should be a global platform for work together to overcome daunting In response, the distinguished panel information sharing, particularly on challenges brought by the pandemic identified several other areas where co- sourcing raw materials. and ensure a green, sustainable, and operation and policy coordination are Secretary Dominguez called on inclusive recovery. crucial—both at the regional and global multilateral development banks and in- In his initial interventions, Minister fronts—for post-pandemic recovery ternational organizations to join forces Khutsishvili highlighted the potential and growth. in addressing the uneven distribution

Scan to watch online Top: Zeinab Badawi, Lasha Khutsishvili, Taro Aso, Masatsugu Asakawa. Bottom: Nirmala Sitharaman, Carlos G. Dominguez, Jiayi Zou, Kitty van der Heijden.

9 Webinars

In the ADB headquarters control room, a technician monitors the panelists of the Governors’ Seminar. of vaccines between developed and infrastructure investment to support the Pacific. The first is to reinvigorate developing economies, and ensuring the health system. trade and investment and deepen that access to vaccines is provided Several panelists also tackled regional supply chains. Excellent ex- to low-income economies. Given the the issue of reforms to address the amples are the recent megatrade huge gap in the supply and demand of challenges of attaining sustainable and deals—the Comprehensive and Prog vaccines, the panel agreed that more fi- inclusive development. Ms. Zou noted ressive Agreement for Trans-Pacific nancial resources are required to invest that regional cooperation is needed Partnership comprising 11 members, more on vaccine manufacturing within to foster a green recovery through and the Regional Comprehensive the Asia and Pacific region. the development of clean and low Economic Partnership comprising 15 The COVID-19 pandemic has carbon technologies and solutions members. Second, the region needs to highlighted the significant weakness of for developing Asian economies. She enhance regional financial safety nets, the region’s healthcare systems as the also encouraged the enhancement of such as the ASEAN+3 Chiang Mai lack of health insurance has pushed innovative trade and strengthening of Initiative Multilateralisation, to cushion more people into poverty. Even before institutional capacity to provide digital possible spillovers from global financial the pandemic, Japan has been reite solutions. Ms. van der Heijden urged shocks. Third is the enhancement rating the importance of the universal putting vulnerable groups, particularly of regional health security through health coverage (UHC) to enhance women and girls, at the core of any improvement of communicable pandemic preparedness and responses. recovery strategy to ensure equitable disease control, disease surveillance Minister Aso noted three key factors access to education, health, and other and outbreak response systems, and for the establishment of UHC based on social services. information sharing. President Asakawa Japan’s experience: institutional frame- In response, President Asakawa also highlighted the importance of ad- work, including medical insurance; underscored three priorities for re- dressing the digital divide to ensure an human resource development; and gional cooperation across Asia and inclusive economic recovery. •

Without regional cooperation, it’s every country for itself. — Kitty van der Heijden, Alternate Governor for the Netherlands in ADB

10 Webinars

CNBC Debate: Shaping the Great Reset in Asia

3 MAY 2021, 9:30–10:30 A.M. (MANILA TIME) • SEMINAR COORDINATOR: DAVID KRUGER

Moderator Christine Tan, Anchor, CNBC

AS THE COVID-19 pandemic enters systems. The debate also underscored To make the recovery truly in- its second year, regional growth is the need for investments in health, clusive and sustainable, panelists forecast to bounce back but prospects education, and social protection to emphasized that it is imperative to diverge at the subregional and national address increasing income inequality address longstanding development is- levels. Vaccine rollouts open the way and worsening poverty across the sues such as the digital divide, with the to a “new normal” but what will it take region. In rolling out social safety nets, private sector and government working to ensure developing Asia’s Great it is important to address the gender together to rebuild smartly. Reset points the region toward a green, dimension as women are among the The debate also examined resilient, and inclusive future? How can worst affected by the pandemic. approaches to financing the recovery economies safely reopen to reinvigo- As Asia rebuilds from the pandem- of the region, including through rate consumption and job creation? ic, it must also urgently confront the environmental, social, and governance The CNBC Debate explored oppor- climate emergency. Panelists empha- investing, efforts to improve domestic tunities for developing Asia to leverage sized that a green, resilient, and inclusive resource mobilization, and international its considerable strengths to plan and recovery will require substantial invest- tax cooperation. • rebuild smartly for a world where global- ment and financing support. Equally ization, finance, and trade relationships important will be regional cooperation have been redefined by the pandemic. and joint action by the public and IN PARTNERSHIP WITH Panelists agreed that timely and private sectors alongside multilateral effective vaccine rollouts will be key to organizations. Well-designed policies the region’s recovery, and stressed the and collaboration will be especially need for financing sophisticated, equi- critical in financing the attainment of table, and reliable vaccine distribution the Sustainable Development Goals.

Scan to watch From the CNBC studio, Christine Tan explores with (from left) President Masa Asakawa, Sri Mulyani Indrawati, and Jose Viñals how developing Asia can online rebuild for a world redefined by the pandemic.

11 Webinars

The Launch of the Asia Pacific Tax Hub

3 MAY 2021, 7:00–8:30 P.M. (MANILA TIME) • SEMINAR COORDINATORS: JOHN VERSANTVOORT AND BRUNO CARRASCO

Panelists Masatsugu Asakawa, President of the Asian Development Bank (ADB) and the Chairperson of ADB’s Board of Directors Taro Aso, Governor for Japan, ADB; and Deputy Prime Minister, Minister of Finance, Minister of State for Financial Services in Japan Katherine Baer, Assistant Director, Fiscal Affairs Department, International Monetary Fund (IMF) Ramez Katf, Second Commissioner and Chief Information Officer, Australian Taxation Office (ATO) M. Ayhan Kose, Acting Vice President, Equitable Growth, Finance and Institutions; and Director, Prospects Group, World Bank Heechul Mun, Vice Commissioner, National Tax Service, Republic of Korea Pascal Saint-Amans, Director, Centre for Tax Policy and Administration, Organisation for Economic Co-operation and Development (OECD) Phensuk Sangasubana, Director, International Tax Affairs Center, Revenue Department, Thailand Antonette C. Tionko, Undersecretary, Department of Finance, Philippines

Moderator Huey Min Chia-Tern, Deputy Commissioner, International, Investigation, and Indirect Taxes Group, Inland Revenue Authority of Singapore

ADB PRESIDENT Masatsugu Asakawa where the Tax Hub will focus its initial investments in information technology led the official launch of the Asia Pacific efforts: a medium-term revenue strate- and developing a strategic roadmap of Tax Hub on the first day of the ADB gy (MTRS), a road map for automation reform initiatives. Both Heechul Mun Annual General Meeting. The Tax Hub of tax administrations, and ITC. and Ramez Katf acknowledged that au- will be instrumental in strengthening In the first panel, Katherine tomation is a long journey that requires domestic resource mobilization and Baer discussed how tailored and a comprehensive strategy including international tax cooperation (ITC), holistic reforms in line with MTRS enhancement of taxpayer service and and in helping developing member can help governments restore debt high-level political commitment. countries achieve the Sustainable sustainability and promote inclusive In the third panel, Pascal Saint- Development Goals and address debt and sustainable growth. Phensuk Amans called for strong cooperation sustainability. The Tax Hub is envi- Sangasubana shared her country’s bilaterally, multilaterally, and region- sioned to provide an open and inclusive experiences in preparing the MTRS ally to support developing member platform for strategic policy dialogue, and underscored the importance of countries in finding the right balance knowledge sharing, and development support from development partners. between promoting economic recov- coordination among ADB, its members, In the second panel, M. Ayhan ery and raising revenue. Antonette and development partners. Kose discussed the key factors in the C. Tionko signaled willingness of the The launch was followed by panel automation of tax administration, Philippine Department of Finance to sessions on three key building blocks such as building political support for participate in the inclusive framework on base erosion and profit shifting, and highlighted the importance of ADB’s continued support. Huey Min Chia-Tern moderated the panel discussions, and thanked the panelists and audience for their participation in the historic launch of the Tax Hub. •

The webinar panel focused on three key building blocks of the Asia Pacific Tax Hub: a medium- term strategy, a road map for automating tax administration, and international tax cooperation. Top row: Masatsugu Asakawa, Taro Aso, M. Ayhan Kose Middle row: Antonette C. Tionko, Pascal Saint-Amans, Huey Min Chia-Tern Scan to watch Bottom row: Heechul Mun, Rametz Katf, online Phensuk Sangasubana, Katherine Baer

12 Webinars

A Woman-Focused Recovery for a More Inclusive Post-COVID-19 Future

4 MAY 2021, 9:00–10:30 A.M. (MANILA TIME) • SEMINAR COORDINATORS: SAMANTHA HUNG, KEIKO NOWACKA

Panelists Deniz Harut, Executive Director, Sustainable Finance, Standard Chartered Bank Sania Nishtar, Special Assistant of the Prime Minister and Federal Minister, Poverty Alleviation and Social Safety, Pakistan Joni Simpson, Senior Specialist in Gender, Equality and Non-Discrimination, Decent Work Team for East and South East Asia and the Pacific, International Labour Organization Wendy Teleki, Head, Women Entrepreneurs Finance Initiative (We-Fi) Secretariat Joseph E. Zveglich Jr., Deputy Chief Economist, ADB

Moderator Sharanjit Leyl, Presenter, British Broadcasting Corporation (BBC)

THE COVID-19 PANDEMIC’S socioeconomic impacts have been disproportionately negative for women in Asia and the Pacific, exacerbating pre-pandemic gender inequalities and threatening gender gains. Pre-pandemic, Asia and the Pacific was the only region with declining female labor force participation. The pandemic has further worsened the situation. Women have experienced relatively higher job losses due to their concen- tration in vulnerable occupations in hard-hit sectors. Women-owned busi- The panel discussed strategies for foster partnerships for gender equality in pandemic recovery. nesses have also been negatively affected, with many reporting signifi- international organizations, and the described how government targets and cant decline in revenue and concern for private sector to share their vision and proactive measures are key to ensuring business survival. strategies on how to build back better women in Pakistan can equitably ben- These widening gender inequalities with women at the center. efit and access resources. Deniz Harut in the labor market pose serious risks In his opening remarks, Joseph described how Standard Chartered was for inclusive and resilient recovery. This Zveglich Jr. provided an overview on pioneering new digital tools to support seminar, which attracted 476 partici- the pandemic’s many negative gen- women entrepreneurs, and Wendy pants, directly addressed the need for dered impacts. Noting that while the Teleki shared how We-Fi has facilitat- key strategies, innovative approaches, COVID-19 mortality rate was higher in ed women SMEs’ access to finance and partnerships to ensure women can men, the socioeconomic impact was through innovative models, such as equally benefit from and contribute to more pronounced for women, including gender bonds. Scan to COVID-19 recovery. It brought together a higher unpaid care burden, job losses, The panel then discussed strategies watch online senior representatives from government, and impacts on girls’ education. Joni that could foster more partnerships for Simpson provided additional analysis gender equality in pandemic recovery. from ILO, highlighting the unprece- They concluded that building stronger dented scale of female job losses. coalitions between governments, private Widening gender The panel focused first on sector, and multilateral development inequalities in the labor forward-looking strategies to prior- banks like ADB will break down silos itize women in COVID-19 recovery. and foster synergies. Sania Nishtar also market pose serious risks Panelists agreed that moving beyond emphasized the importance of women’s for inclusive and a “tick box” was necessary and shared leadership and decision-making as resilient recovery. key principles to ensure women are critical for shaping gender-responsive not left further behind. Sania Nishtar COVID-19 recovery policies. •

13 Webinars

Policies to Support a Green and Inclusive Recovery

4 MAY 2021, 11:00 A.M.–12:30 P.M. (MANILA TIME) • SEMINAR COORDINATOR: ABDUL D. ABIAD

Panelists Era Dabla-Norris, Mission Chief to Viet Nam and Division Chief, Asia and Pacific Department, International Monetary Fund (IMF) Nguy Thi Khanh, Founder and Executive Director Green Innovation and Development Centre (GreenID) Rachel Kyte, Dean, Fletcher School of International Affairs, Tufts University Yasuyuki Sawada, Chief Economist and Director General, Economic Research and Regional Cooperation Department, ADB

Moderator Regina Lay, Head of Business News, One News

ASIA HAS DEVELOPED rapidly but How can these challenges be public finances are strained, private now faces large environmental and tackled? An urgent first step is a global green and social finance has been social challenges. The COVID-19 effort and solidarity on vaccination, be- growing rapidly. And ADB research pandemic has worsened things, hitting cause the pandemic must be addressed shows how green and social finance is poor and vulnerable groups hard and before other challenges can be tackled. associated with positive environmental limiting resources available for green The role of multilateral financial insti- and social impacts. and social investments. This joint tutions also came to the fore. Critical To make tangible progress, Ms. ADB-IMF webinar discussed how to for supporting a green recovery are the Khanh championed multistakeholder facilitate the recovery and transition quick processing of the IMF’s special partnerships, both at the national and to green and inclusive growth. The drawing rights reallocation and its dis- subnational levels. In Viet Nam’s expe- panelists highlighted actions needed bursement into green infrastructure, rience, sharing research and data played at the global, national, and local levels; and multilateral development banks’ a crucial role in influencing key players the role of carbon taxes, government financing and catalyzing cofinance for to shift from coal to more sustainable investment and subsidies, and other green infrastructure. energy sources. tools to address climate change; and Fiscal policies are also needed. Ms. what is needed from both public and Dabla-Norris highlighted IMF research There was broad private sectors to foster green and showing that carbon taxes can be very inclusive growth. effective in reducing emissions and can agreement that coal has Ms. Kyte noted that recovering also generate significant revenues to no place in the “race from the COVID-19 pandemic and invest in green infrastructure. Carbon addressing climate change are the taxes can be complemented by a suite to zero.” defining challenges of our generation. of tools including emission trading Rising inequality—arising from the systems, feebates, and research and During the open discussion, there uneven impact of the pandemic and development incentives. was broad agreement that coal has no other disasters, inequities in education, Financing needs are very large not place in the “race to zero.” But it is not and the “digital divide,” among other just for climate action, but to achieve enough to stop the financing of coal— factors—was another challenge high- broader Sustainable Development the G20 needs to deliver the promised lighted in the discussion. Goals. Mr. Sawada noted that while additional support for clean energy infrastructure. There were also discussions on how putting people first can garner public support for transition policies, whether subsidies for renewables are still needed, and how to enhance the role of the private sector in supporting green and inclusive growth. •

JOINT SEMINAR WITH

Scan to watch online The panel talked about how putting people first can garner public support for transition policies.

14 Webinars

Unleashing Venture Capital for a Robust, Green, and Inclusive Recovery

4 MAY 2021, 1:30–3:00 P.M. (MANILA TIME) • SEMINAR COORDINATOR: SHERWIN PU

Panelists Jung-Hoon Cha, Deputy Minister of Startup and Venture Innovation Office, Ministry of Small and Medium Enterprises and Startups, Republic of Korea Jose Avelino Flores, Cofounder, Launchgarage and Plug and Play Tech Center; Board Member, Philippine Science and Technology Advisory Council Tarun Mehta, Cofounder and CEO, Ather Energy Christian Sanz, Founder and CEO, Skycatch Ritu Verma, Cofounder and Managing Partner, Ankur Capital

Moderator Suzanne C. Gaboury, Director General, Private Sector Operations Department, ADB

COVID-19 HAS DEALT dual blows to the Asia and Pacific region’s pros- perity and its sustainable development agenda. As the region begins to rebuild and reset, new technologies can help unlock sustainable growth, distribute its benefits more inclusively, and make economies more resilient. However, for this to happen the region needs a new influx of risk capital, especially for firms in capital-intensive sectors such as clean energy and agriculture technology. Mobilizing this capital will require a concerted strategy to improve The panel explored ways to catalyze venture risk capital investment for sustainable pandemic recovery. enabling policy environments, crowd investors into relevant markets, and high-accuracy 3D drone data. By creat- match circular economy startups with build entrepreneurial ecosystems. ing “digital twins” of construction and Alliance to End Plastic Waste members Moderated by Suzanne Gaboury, infrastructure projects, it is possible to have led to 75 proof-of-concept trials this session explored ways to catalyze save cost and time, cut waste, reduce and a $35 million investment. venture risk capital investment for a CO2 emissions, and improve safety. Jung-Hoon Cha discussed the robust, green, and inclusive recovery Ritu Verma shared that venture public sector’s role. Recognizing in Asia and the Pacific. Tarun Mehta capitalists’ interests overlap with the need to mobilize capital for the and Christian Sanz offered examples the SDG agenda when such digital Republic of Korea’s transition to an of technologies that are rapidly scaling businesses drive inclusivity and reach SME- and startup-led economic struc- in Asia and Pacific markets for climate lower-resource populations. ture, the government has catalyzed and SDG impact. Ather Energy is a Jojo Flores’ Plug and Play matches $26 billion in private sector investment two-wheeled electric vehicle compa- technology innovations—including in and has made $19 billion public sector ny with impressive traction in India. agritech, animal health, and sustain- investments. It has recently provided Scan to Skycatch Inc. has enterprise-grade ability—with interested corporate and cofinancing for ADB Ventures to invest watch online technology for capturing and analyzing investor partners. Recent efforts to in regional startups. •

The region needs a new influx of risk capital, especially for firms in capital-intensive sectors such as clean energy and agriculture technology. Mobilizing this capital will require a concerted strategy to improve enabling policy environments, crowd investors into relevant markets, and build entrepreneurial ecosystems.

15 Webinars

Raising the Bar on Climate Ambition: Road to COP26

4 MAY 2021, 6:30–8:00 P.M. (MANILA TIME) • SEMINAR COORDINATOR: PREETY BHANDARI

Panelists Masatsugu Asakawa, President of the Asian Development Bank (ADB) and the Chairperson of ADB’s Board of Directors Sri Mulyani Indrawati, Governor for Indonesia, ADB; and Minister of Finance, Indonesia John F. Kerry, US Special Presidential Envoy for Climate Jun Ma, Chair, Green Finance Committee, China Society for Finance and Banking Aiyaz Sayed-Khaiyum, Governor for Fiji, ADB; and Attorney-General and Minister for Economy, Public Enterprises, Civil Service and Communications, Fiji Alok Sharma, President Designate, 26th United Nations Climate Change Conference (COP26) Ignazio Visco, Governor for Italy, ADB; and Governor, Bank of Italy

Interventions Barbara Buchner, Global Managing Director, Climate Policy Initiative (CPI) Phatpuree Chinkulkitnivat, Senior Executive Vice President, Finance, Accounting, and Corporate Strategy, BCPG Public Company Limited

Moderator Zeinab Badawi, International Journalist and Broadcaster

ADB PRESIDENT Masatsugu Asakawa finance and technology to implement He urged ADB to scale up climate and a high-level panel urged scaling the Paris Agreement. finance targets and mobilize further up climate action in 2021 as countries Alok Sharma stressed showing private sector finance. recover from the COVID-19 pandemic. the same urgency in tackling climate Ignazio Visco highlighted the Leading up to the 26th session of change as we have for COVID-19, say- importance of global cooperation the Conference of the Parties to the ing that COP26 must be the moment and the challenge of providing United Nations Framework Convention we get the world on track to meet the energy access while decarbonizing on Climate Change (COP26), goals of the Paris Agreement. Clean en- economies. The current recovery, he speakers called for raising ambitions, ergy transition in Asia and ADB’s role in said, can be an opportunity to invest in greater momentum, increasing inter- financing will be key to a green recovery innovative technologies and promote national collaboration, and mobilizing and meeting the Paris Agreement goals. just transition, as also emphasized

Scan to watch online Leading up to COP26, a high-level panel urged scaling up climate action in 2021 as countries recover from the COVID-19 pandemic.

16 Webinars

In the panel discussion, President Asakawa underscored ADB’s holistic approach to enhancing adaptation and resilience investments. by G20 finance ministers and central and squarely addressing the loss and and resilience through a holistic ap- bank governors. damage issue at COP26. proach. He reiterated targets for the Sri Mulyani Indrawati underscored John F. Kerry stressed the urgency twelfth replenishment of ADB’s Asian the importance of addressing climate of the climate crisis, noting the crit- Development Fund (ADF 13)—which change with economic recovery from icality of the decade and imploring provides grants to ADB’s lower-income COVID-19. With finance being critical greater speed in climate action. The developing member countries—in sup- to achieving Indonesia’s nationally future economy lies in new technolo- port climate mitigation and adaptation determined contributions toward the gies, creativity in finance for adaptation by 2024 (at least 35% by volume and Paris Agreement, she urged the and resilience, and multilateral devel- 65% by number of projects), as well as delivery of international climate opment banks meeting climate finance the climate targets enshrined in ADB’s finance beyond the $100 billion floor targets. He urged ADB to enhance its Strategy 2030. He closed by noting as agreed among governments. She climate targets, end financing of coal, ADB’s commitment to align its opera- discussed the importance of carbon and have a restrictive fossil fuel financ- tions with the Paris Agreement. pricing, carbon markets, and a just and ing policy. The webinar was moderated by affordable transition. Jun Ma discussed innovations in Zeinab Badawi, with additional interven- Aiyaz Sayed-Khaiyum emphasized green finance in the People’s Republic tions from Phatpuree Chinkulkitnivat, the importance of predictable adapta- of China and the importance of mobi- who spoke on how ADB support and tion finance in the context of increasing lizing green finance. He emphasized collaboration can open doors for com- climate risk. He urged countries to in- efforts in harmonizing taxonomies and panies, and Barbara Buchner, who cited clude a 2030 commitment in nationally sustainable finance under the G20. key factors in scaling up climate action determined contributions and under- Mr. Asakawa outlined how ADB is including policy, finance, and transpar- scored the blue economy opportunity enhancing investments in adaptation ency and accountability. •

Speakers called for raising ambitions, greater momentum, increasing international collaboration, and mobilizing finance and technology to implement the Paris Agreement.

17 Webinars

Climate Change and Sovereign Risk

ORGANIZED BY THE ASIAN DEVELOPMENT BANK INSTITUTE 4 MAY 2021, 6:30–8:00 P.M. (MANILA TIME) • SEMINAR COORDINATOR: JOHN BEIRNE AND PITCHAYA SIRIVUNNABOOD

Opening remarks Tetsushi Sonobe, Dean, Asian Development Bank Institute (ADBI)

Keynote speaker Ingrid van Wees, Vice-President for Finance and Risk Management, ADB

Presenter John Beirne, Research Fellow, ADBI

Panelists Simon Buckle, Head, Climate, Biodiversity, and Water Division, Organisation for Economic Co-operation and Development Aigul Kussaliyeva, Chief Strategy Officer, Astana International Financial Centre (AIFC) Green Finance Centre Nurun Nahar, Joint Secretary, Bangladesh Planning Commission Aladdin D. Rillo, Senior Economic Advisor, Economic Research Institute for ASEAN and East Asia (ERIA) Wencai Zhang, Vice President, Agricultural Development Bank, People’s Republic of China (PRC)

Panel Moderator Peter Morgan, Senior Consulting Economist and Vice Chair of Research, ADBI

closing remarks Seungju Baek, Deputy Dean, ADBI

CLIMATE CHANGE poses a face a vicious circle of greater climate sustainable disaster risk financing and serious threat to development in vulnerability, worsening public financ- risk transfer mechanisms. Wencai climate-vulnerable countries, and can es, and potentially unsustainable debt Zhang discussed the PRC’s green have material impacts on sovereign burdens, he added. credit policy and its implications for borrowing costs. This session examined A panel discussion moderated by sovereign risk via feedback loops with the transmission of climate change Peter Morgan explored how best to the financial sector. Aigul Kussaliyeva exposure to sovereign risk, and effec- manage and mitigate climate-related described developments promoting tive policy responses, with a focus on sovereign risks. Simon Buckle noted decarbonization in Kazakhstan, no- climate-vulnerable countries in Asia. the importance of overcoming chal- tably through green bond issuance. In opening remarks, Tetsushi lenges to mobilizing climate finance Nurun Nahar discussed disaster risk Sonobe explained that raising the for resilience investment, while also management and best practices on cost of sovereign borrowing for cli- recognizing considerable heteroge- targeted public and private invest- mate-vulnerable countries limits fiscal neity in climate risk impacts at the ment in adaptation and mitigation in space available for boosting crucial sectoral level. Focusing on Association Bangladesh. investment in climate change adapta- of Southeast Asian Nations (ASEAN) In closing, Seungju Baek under- tion and resilience. It can also threaten members, Aladdin Rillo spotlighted lined the importance of mainstreaming debt sustainability. Ingrid van Wees, in the role regional cooperation can climate risk analysis into public financial her keynote speech, stressed the im- play in supporting cost effective and management frameworks. • portance of strengthening disaster risk resilience, in line with ADB’s Strategy 2030. John Beirne highlighted research showing that the magnitude of the effect of climate change on sovereign The webinar bond yields is higher for economies that organized by are more vulnerable to climate change. ADBI explored These economies may be unable to how to manage Scan to finance critical adaptation measures and mitigate watch climate-related online and, without external support, could sovereign risks.

18 Equipment on standby for the next session. Corporate and Institutional Events

Building Resilience in Fragile, Conflict Affected, and Small Island Developing States

3 MAY 2021, 1:30–2:30 P.M. (MANILA TIME) • SEMINAR COORDINATOR: SAMUEL TUMIWA

Opening remarks Bambang Susantono, Vice-President for Knowledge Management and Sustainable Development, ADB

Panelists Alfred Alfred, Jr., Minister of Finance, Banking, and Postal Services, Republic of the Marshall Islands Mohammad Khalid Payenda, Acting Minister of Finance, Afghanistan Christine Toetzke, Director for European Union and Multilateral Development Policy, Federal Ministry for Economic Cooperation and Development (BMZ), Germany Ryutaro Murotani, Senior Director/Head, Office for Peacebuilding, Governance and Peacebuilding Department, Japan International Cooperation Agency (JICA) Leah Gutierrez, Director General, Pacific Department, ADB

Respondent Sanna Johnson, Regional Vice President, Asia, International Rescue Committee

Closing remarks Bruno Carrasco, Director General, Sustainable Development and Climate Change Department, ADB

Moderator Samuel Tumiwa, Advisor, Conflict-Affected Situations, Thematic Advisory Service Cluster, Sustainable Development and Climate Change Department, ADB

ADB is taking steps toward a more pos- SIDS as they transition from fragility to While noting that standards are itive development impact in fragile and stability, resilience, and social cohesion. important, Ms. Toetzke cautioned conflict-affected situations (FCAS) and Mr. Alfred and Mr. Payenda spoke against using “blueprints” in FCAS and small-island developing states (SIDS). about the drivers of fragility in their SIDS. She praised the FSA’s embrace ADB cannot continue doing business as countries. Mr. Alfred shared the many of multidimensions, from disaster risk usual and expect to find success in these similar problems of SIDS: size, remote- to climate change, governance, and countries. As ADB’s Strategy 2030 ness, vulnerability to natural disasters, conflict. Mr. Murotani and Ms. Johnson recognizes, a new model is needed for and narrow asset bases. Mr. Payenda spoke of the need for humanitarian FCAS and SIDS that applies differenti- welcomed the new FSA, stating, “proj- and development actors to improve ated, context-driven approaches. ects that are not designed based on the cooperation. “The need for aid is larger Mr. Susantono officially launched context, including fragility, are set up to than ever, especially for fragile and ADB’s FCAS and SIDS Approach (FSA), be failures.” He emphasized the impor- conflict-ridden countries,” Ms. Johnson noting that the FSA will ensure that ADB tance of private sector investment, a said. “But it has to be a better aid, a provides the best support for FCAS and common theme of the discussion. coordinated one.” Ms. Gutierrez spoke of the challenges facing SIDS such as climate change and capacity constraints due to small populations, while highlighting the The panel discussed importance of ADB being in-country ADB’s new to address these hurdles and enhance approach to understanding of contexts. fragile and In wrapping up the session, Mr. conflict- affected Carrasco reaffirmed that the FSA will situations, change how ADB works in FCAS and and small SIDS, with context-specificity and island risk-informed decision making forming Scan to developing watch online states. the foundation of ADB support. •

20 Corporate and Institutional Events

Governors’ Business Session

5 MAY 2021, 6:30–7:15 P.M. (MANILA TIME) • SEMINAR COORDINATOR: DAVID GARRIGOS-SOLIVA

R1: Muhammad Ehsan Khan (The Secretary, ADB); Lasha Khutsishvili (Chair of the Board of Governors, Georgia); Masatsugu Asakawa (President, ADB); Mahinda Rajapaksa (Governor, Sri Lanka) R2: Tae Sik Yoon (Republic of Korea); Yu-Peng Tseng (Taipei,China); Oybek Shagazatov (Uzbekistan); Kisun Bang (Papua New Guinea, Vanuatu); To Vu (Viet Nam); Alibek Kuantyrov (Kazakhstan); Maryam Abdul Nasir (Maldives); Patrick Langrine (Marshall Islands); Javkhlan Bold (Mongolia); Shahid Mahmood (Pakistan); Mark Dennis Joven (Philippines) R3: Rui Augusto Gomes (Timor-Leste); Kris Panday (Canada); Maja Sverdrup (Denmark); Pekka Hirvonen (Finland); Paul Ryan (Ireland); Frans van der Straaten (Netherlands); Harriet Solheim (Norway); Pernilla Liljeson (Sweden); Anthony McDonald (Australia, Cambodia, Kiribati, Federated States of Micronesia, Nauru, Solomon Islands, Tuvalu); Samir Sharifov (Azerbaijan); Joseph Chan (Hong Kong, China); Kaleb Udui Jr. (Palau) R4: Armen Hayrapetyan (Armenia); Garth Henderson (Cook Islands); Aiyaz Sayed-Khaiyum (Fiji); Sri Mulyani Indrawati (Indonesia); Ulukbek Karmyshakov (Kyrgyz Republic); Karen Murray (New Zealand, Tonga); Dalton Tagelagi (Niue); Oscar Malielegaoi (Samoa); Weihua Liu (People’s Republic of China); Charles Moravec (United States) R5: Addizulfadli Pengiran Darussalam (Brunei Darussalam); Azah Hanim Ahmad (Malaysia); Shreekrishna Nepal (Nepal); Stacia Tan (Singapore); Ketsuda Supradit (Thailand); Stefany Knoll (Belgium); Christophe Bories (France); Lucia Senofonte (Italy); Jose Carlos Azevedo Pereira (Portugal); Ana Sobrino (Spain); Barbara Böni Slaats (Switzerland); Abdul Habib Zadran (Afghanistan) R6: Fatima Yasmin (Bangladesh); Prashant Goyal (Bhutan, India); Soulivath Souvannachoumkham (Lao PDR); Davlatali Said (Tajikistan); Merdan Annadurdyyev (Turkmenistan); Elisabeth Gruber (Austria); Roger Fischer (Germany); Yves Weber (Luxembourg); Mehmet Alper Batur (Turkey); Philip Rose (United Kingdom); Takahiro Yasui (Japan)

EACH YEAR, the Business Session During this session, Governors and direction to the institution through provides an opportunity for the Board adopted resolutions, took note of and their statements. President Asakawa also

Scan to of Governors to consider the various approved documents related to the reported to Governors on progress since watch online items that are presented for its consid- business, finance, administration, and op- the previous meeting and shared ADB eration, notation, and approval. erations of ADB, and provided guidance management’s key messages. •

Even as the COVID-19 pandemic took hold across the region, ADB did not lose sight of key long-term development agenda...In spite of everything that has transpired during the current pandemic, my view of ADB has never changed—especially my unwavering belief in ADB’s most precious assets: our dedicated staff; the deep trust we have built with our members; and our steady and reliable country presence across the region. —President Masa Asakawa, in his address to Governors at the Business Session

21 President Masa’s conference table during the Governors’ Business Session. Regional Event

CAREC at 20: Reimagining Regional Cooperation Through Digital Transformation

4 MAY 2021, 3:30–5:30 P.M. (MANILA TIME) • SEMINAR COORDINATOR: SAAD ABDULLAH PARACHA

Opening Remarks Mikayil Jabbarov, Minister, Ministry of Economy, Azerbaijan

Introduction of Speakers Yevgeniy Zhukov, Director General, Central and West Asia Department, ADB

Development Partners ADB: Shixin Chen, Vice-President, Operations 1 AIIB: Joachim von Amsberg, Vice President, Asian Infrastructure Investment Bank EBRD: Zsuzsanna Hargitai, Managing Director for Central Asia, European Bank for Reconstruction and Development IsDB: Bandar M. H. Hajjar, President, Islamic Development Bank

Country Delegates Afghanistan: Mohammad Khalid Payenda, Acting Minister of Finance Azerbaijan: Mikayil Jabbarov, Minister, Ministry of Economy People’s Republic of China: Qiangwu Zhou, Director General for ADB/World Bank Group, Department of International Economic and Financial Cooperation, Ministry of Finance Georgia: Lasha Khutsishvili, Minister, Ministry of Finance Kazakhstan: Alibek Kuantyrov, Vice-Minister, Ministry of National Economy Kyrgyz Republic: Sultan Akhmatov, Deputy Minister, Ministry of Economy and Finance Mongolia: Javkhlan Bold, Minister, Ministry of Finance Pakistan: Saeed Ashraf Siddiqi, Joint Secretary (ADB), Economic Affairs Division Tajikistan: Nematullo Hikmatullozoda, Assistant to the President on Economic Issues Turkmenistan: Muhammetgeldi Serdarov, Minister, Ministry of Finance and Economy Uzbekistan: Oybek Shagazatov, Head of the Department for Cooperation with International Financial Institutions, Ministry of Investments and Foreign Trade

Closing Remarks James Lynch, Director General, East Asia Department, ADB

Moderator Tom Standage, Deputy Editor and Head of Digital Strategy, The Economist

THIS HIGH-LEVEL SESSION brought He noted the several opportunities highlighted the key role played by together officials from Central Asia across the five operational clusters of telecommunications infrastructure in Regional Economic Cooperation the CAREC Program where members this process. They also discussed the (CAREC) member countries and can integrate digital solutions to im- various solutions for CAREC’s oper- development partners to reflect on the prove efficiency. ational clusters, such as developing opportunities presented by digital trans- The CAREC officials focused their digital trading platforms, introducing formation. Participants deliberated over discussion on the following: tools for digital taxation, integrating how regional cooperation can enable automated payment systems for rail members to overcome barriers and realize 1. The wide-ranging opportunities for and road freight, etc. the benefits from such a transformation. digitalization given the various areas of Moderator Tom Standage set the common focus for CAREC countries. 2. The barriers to digital transfor- discussion by highlighting the role of Digital solutions will not only provide mation that preclude access to digital digital technology in driving economic economic benefits but also allow technologies for many segments of the growth and explaining that digital tech- member countries to develop robust CAREC population. These barriers Scan to nology has convincingly demonstrated solutions in important areas such as include issues relating to physical infra- watch online positive impact in developing countries. health and education. Participants structure and the lack of a supportive

23 Regional Event policy environment. A lack of interop- cooperation. Participants identifiedand 3) harmonizing standards and poli- erability among existing systems and three ways for the CAREC Program cies through a unified vision. insufficient private sector investment to support member countries on their The participants appreciated were also identified as barriers compli- journey toward digital transformation by: CAREC’s initiative to bring together cating the digital divide problem. It was 1) strengthening public and private sector high-level officials to exchange views suggested that integrated approaches dialogue for expanded participation of and discuss opportunities for further be employed for developing solutions the private sector in mobilizing technical collaboration and knowledge sharing for to these challenges. and financial resources needed for digital digital transformation in the region. • 3. Leveraging the CAREC Program transformation; 2) enhancing knowledge for facilitating solutions via regional sharing through improved coordination;

Panelists in this high-level session reflected on the opportunities presented by digital transformation, deliberating on how regional cooperation can enable members to overcome barriers and realize the benefits from such a transformation. R1: Shixin Chen (Vice-President Operations 1, ADB); Mikayil Jabbarov (Chair, Azerbaijan) R2: Mohammad Khalid Payenda (Afghanistan); Qiangwu Zhou (People’s Republic of China); Lasha Khutsishvili (Georgia); Alibek Kuantyrov (Kazakhstan); Sultan Akhmatov (Kyrgyz Republic) R3: Javkhlan Bold (Mongolia); Saeed Ashraf Siddiqi (Pakistan); Nematullo Hikmatullozoda (Tajikistan); Muhammetgeldi Serdarov (Turkmenistan); Oybek Shagazatov (Uzbekistan) R4: Bandar M. H. Hajjar (President, IsDB); Joachim von Amsberg (Vice President, AIIB); Zsuzsanna Hargitai (Managing Director, EBRD); Yevgeniy Zhukov (Director General, ADB); James Patrick Lynch (Director General, ADB); Tom Standage (Moderator)

Digital solutions will not only provide economic benefits but also allow member countries to develop robust solutions in important areas such as health and education. Participants highlighted the key role played by telecommunications infrastructure in this process.

24 Socially-distanced staff from the Office of the Secretary working at ADB Headquarters during the annual meeting.

25 Civil Society Program

Meeting Between Civil Society Organizations and ADB Management

3 MAY 2021, 2:00–3:00 P.M. (MANILA TIME) • SEMINAR COORDINATOR: CHRISTOPHER MORRIS

Panelists Masatsugu Asakawa, President of the Asian Development Bank (ADB) and the Chairperson of ADB’s Board of Directors Katherine Custodio, Executive Director, World Wide Fund for Nature (WWF) Philippines Rayyan Hassan, Executive Director, NGO Forum on ADB Syeda Munazzah Rubab, Project Officer, Promoting Urban Climate Change Resilience, Agahe Pakistan Hemantha Withanage, International Convenor, NGO Forum on ADB

Moderator Christopher Morris, Principal Social Development Specialist, NGO and Civil Society Center, ADB

ADB PRESIDENT Masatsugu Asakawa Hemantha Withanage and Rayyan climate change. Mr. Asakawa thanked met with civil society organizations Hassan of the NGO Forum on ADB WWF for 20 years of partnership (CSOs) for a dialogue on collaborating shared their views on the ongoing in environmental conservation and toward a resilient and green recovery ADB’s Energy Policy and Safeguard confirmed ADB’s commitment to for the region. He acknowledged CSOs’ Policy Statement reviews, calling on reach $80 billion in cumulative climate key roles in COVID-19 responses and ADB to demonstrate climate leader- financing for the period 2019-2030. their engagement in ADB operations ship by withdrawing from coal financing He highlighted that this work includes and policy work in 2020. The discus- and to align with the Paris Agreement. addressing nature loss and enhancing sion, moderated by Chris Morris and Mr. Asakawa confirmed that ADB has nature conservation. attended by 811 participants, focused not financed coal since 2013 and is Mr. Asakawa also thanked the on ADB’s directions on addressing cli- considering a formal withdrawal from youth as ADB’s partners toward a mate change, promoting clean energy financing new coal power generation resilient, inclusive, and green recovery and strengthening its engagement with and heating. He reaffirmed ADB’s sup- across the region and emphasized the civil society, including grassroots and port to Paris Agreement in the region potential to increase meaningful youth youth organizations. and highlighted that the ongoing SPS engagement in ADB’s work. Munazzah Rubab raised the impor- review would strengthen ADB’s existing He closed the session by acknow tance of supporting local governments safeguard standards. ledging CSOs’ unique strengths that and grassroots organizations for local Katherine Custodio asked how are valuable for ADB to achieve de- climate change resilience. Mr. Asakawa ADB will translate its biodiversity velopment effectiveness in the region, cited ADB’s extensive work on com- strategy and roadmap into concrete and expressed appreciation for CSO’s Scan to munity resilience through the Urban projects at a scale needed by the active involvement and participation in watch online Climate Change Resilience Trust Fund. region to reverse biodiversity loss and the development of Asia and Pacific. •

President Masa acknowledged CSOs’ key roles in COVID-19 responses and their engagement in ADB’s operations and policy work in 2020.

ADB President Masatsugu Asakawa engaged in a dialogue with representatives from civil society organizations at the annual meeting.

26 Civil Society Program

Collaboration for Resilient and Green Recovery: Realizing the Potential of a Sustainable Blue Economy

WITH WORLD WIDE FUND FOR NATURE • 3 MAY 2021, 3:30–5:00 P.M. (MANILA TIME)

Panelists Rindah Melsen, President, Nusatuva Women’s Savings Club, Solomon Islands Anna R. Oposa, Executive Director, Save Philippine Seas Alifereti Tawake, Council Chair and Technical Advisor, Locally Managed Marine Area (LMMA) Network International Shakuntala Thilsted, Global Lead, Nutrition and Public Health, WorldFish Christian Kettel Thomsen, Vice-President, European Investment Bank (EIB) Ingrid van Wees, Vice-President for Finance and Risk Management, ADB

Moderator Natalie Phaholyothin, CEO, World Wide Fund for Nature (WWF) Thailand

WWF, ADB Vice-President Ingrid van Partnership, for collaboration on marine relief packages in ongoing COVID-19 Wees, and a civil society panel discussed plastic reduction and blue bioeconomy interventions transform our approach COVID-19 recovery investments to activities: sustainable fisheries and from feeding to nourishing programs. ensure a more resilient post-pandemic aquaculture, coastal protection, and Integrating savings and financial literacy economy from the coastal and marine green shipping. in marine livelihood programs for wom- sector. The session, organized by WWF A panel from civil society and en-headed households empower them and attended by 874 participants, fo- grassroots organizations discussed the to earn and decide on how to spend their cused on the “blue economy” that has impacts of COVID-19 at the commu- own money. Community awareness on been heavily affected by supply chain nity level in their countries and across segregating waste and reducing plastic disruptions and decline in coastal tour- Southeast Asia. use and promoting environmentally ism. Ms. van Wees highlighted ADB and The civil society panelists pro- friendly “slow tourism” will reduce strains WWF’s 20-year partnership on nature vided local experiences and practical on our oceans and the environment. conservation, as well as ADB’s $5 billion recommendations for community A key takeaway from this session Action Plan for Healthy Oceans and resilience. Networking and collaboration is the value of multistakeholder part- Sustainable Blue Economy launched among community champions who nership and leveraging each other’s in 2019 as the bank’s responses to this are locally managing marine areas strengths, so the region can rise to the challenge. Christian Kettel Thomsen will ensure resilience of food systems. challenge of restoring and preserving also cited ADB and EIB’s joint initia- Looking at aquatic food products as natural capital and the services it pro- tive, Clean and Sustainable Ocean superfoods and integrating them in food vides for many generations to come. •

Scan to watch online

27 Civil Society Program

Civil Society Reflections on ADB’s COVID-19 Operations

WITH NGO FORUM ON ADB • 4 MAY 2021, 4:30–6:00 P.M. (MANILA TIME)

Panelists Vidya Dinker, Indian Social Action Forum/Growthwatch M. Zakir Hossain Khan, Honorary Executive Director, Change Initiative and Member, Bangladesh Working Group on External Debt Nadeen Madkour, Safeguards Policy Coordinator, NGO Forum on ADB Rene E. Ofreneo, President, Freedom from Debt Coalition Woochong Um, Managing Director General, ADB

Moderator Rayyan Hassan, Executive Director, NGO Forum on ADB

Scan to watch online THE NGO FORUM on ADB’s poor communities and called for a new shared that ADB in its Strategy 2030 panel raised concerns on the ac- SDG-aligned social contract to protect Operational Plan 1 has an increased countability and transparency of the the vulnerable and marginalized. focus on health and is investing more in ADB COVID-19 Active Response ADB’s Woochong Um welcomed human capital and social protection. and Expenditure Support Program the collaboration with civil society and ADB is currently building its inter- (CARES). The panel raised concerns emphasized ADB’s strict CARES moni- nal knowledge on health issues and is about ongoing pandemic response, toring framework. Mr. Um shared details committed to addressing future pan- particularly in Bangladesh, India, and of ADB’s quick response to the pandem- demics and welcomes the opportunity the Philippines. Panelists cited that the ic through a $20 billion comprehensive to work with other stakeholders, includ- pandemic exposed the weak capacities package for COVID-19 targeting health ing CSOs and the private sector. Mr. Um of public health systems, profiteering facilities, social safety nets, and social added that ADB’s pandemic-related by private sector, and low public health protection in April 2020 and the $9 project monitoring reports are publicly expenditures in many Asian countries. billion Asia Pacific Vaccine Facility in disclosed, but agreed that the bank They also sought more information and December 2020 supporting safe vac- must do a better job of disseminating transparency on the bank’s COVID-19 cines procurement and deployment this information more widely and response. Finally, the panelists empha- for its developing member countries. offered to assist CSOs who lack infor- sized the severe local health challenges He acknowledged that universal health mation. The session was attended by the pandemic has caused, particularly in coverage was critical for the region and 486 participants. •

28 Civil Society Program

Advancing the Progress toward Achieving the SDGs Post-COVID-19

WITH INSTITUTE FOR DEVELOPMENT OF FREEDOM OF INFORMATION • 4 MAY 2021, 8:00–9:30 P.M. (MANILA TIME)

Panelists Bruno Carrasco, Director General, Sustainable Development and Climate Change Department, ADB Heghine Manasyan, Director Emeritus, Caucasus Research Resource Center (CRRC), Armenia Nino Merebashvili-Fisher, Senior Lawyer, Institute for Development of Freedom of Information (IDFI), Georgia Elen Sahradyan, Public Policy Innovation Task Lead, SDG Innovation Lab, Armenia Natia Tsikaradze, SDGs National Coordinator, Planning and Coordination Department, Georgia

Moderator Giorgi Kldiashvili, Executive Director, IDFI, Georgia

THE GEORGIAN civil society organi- the collaboration between the UN and the pandemic situation, weak linkages zation (CSO) Institute for Development the government in using big data to pro- between SDGs and national policy of Freedom of Information (IDFI) led vide real-time information on progress documents, and low translation of SDGs a panel discussion with government of SDG implementation. The platform in local governments. and CSO leaders from Georgia and will soon include a COVID-19 dash- Armenia who shared their experiences board to indicate SDG progress pre- and in institutionalizing and localizing the post-pandemic. She also cited examples The faster the countries SDGs through a participatory approach. of nontraditional financing mechanisms can inoculate their Attended by 273 participants, the panel for SDGs, such as private sector funding tackled the impact of the COVID-19 for public policy innovation. population, save lives, pandemic on SDG targets and how CSO experts Ms. Merebashvili- and regain livelihoods, the governments and CSOs are refocusing Fisher and Ms. Manasyan both discussed on achieving progress. how their respective organizations faster they can recover. Ms. Tsikaradze noted that Georgia engage governments in the SDG nation- was among the first countries to adopt alization process, data collection and When asked about ADB’s role the SDGs, with the administration of analysis, and monitoring SDG progress. after the pandemic, Mr. Carrasco said government’s SDG Council leading These engagements, however, come that the faster the countries can inoc- the coordination. Localizing the SDGs with challenges, like limited interagency ulate their population, save lives, and covered wide consultations with coordination including with parliaments, regain livelihoods, the faster they can government agencies and CSOs. The uneven CSO representation in SDG recover. Thus, ADB quickly responded country also released its second volun- committees, limited stakeholder en- through its COVID-19 comprehensive tary national report in 2020. In the case gagement in voluntary national response package and the Asia Pacific of Armenia, Ms. Sahradyan explained reporting processes as exacerbated by Vaccine Access Facility, aware that the pandemic affected developing member countries differently. He reported that the region is far from achieving its SDG targets and has regressed in some goals because of the pandemic. It is important to refocus on addressing pre-existing vulnerabilities and reinforcing the “leave no one behind” principle by providing social safety nets, harnessing digital technology such as in education and telemedicine, aligning infrastructure and other projects with the Paris

Scan to Agreement on climate change, and watch online widely fostering partnerships with other The Institute for Development of Freedom of Information (IDFI) led a discussion with government stakeholders to act on these challenges and CSO leaders from Georgia and Armenia who shared their experiences in institutionalizing and at the rate needed to effect recovery. • localizing the SDGs through a participatory approach.

29 Civil Society Program

Meaningful Youth Engagement for an Inclusive Recovery

WITH PLAN INTERNATIONAL AND AIESEC • 5 MAY 2021, 10:00–11:30 A.M. (MANILA TIME)

Panelists Iris Caluag, Meaningful Youth Engagement Specialist, ADB Youth for Asia Sweta Dixit, Youth Project Coordinator, ADB Youth for Asia (YfA) Bagmati Project Eva Dutary, Global President, AIESEC Christopher Morris, Principal Social Development Specialist, NGO and Civil Society Center, ADB Oza Olavia, Assistant Minister for State Revenue, Ministry of Finance, Indonesia Ramesh Subramaniam, Director General, Southeast Asia Department, ADB

Moderator Krista Zimmerman, Regional Head of Influencing and Policy, Plan International Asia-Pacific

PLAN INTERNATIONAL, AIESEC, Ms. Olavia emphasized the impor- in Southeast Asia. Notwithstanding and ADB Youth for Asia (YfA) dis- tance of gender in development and the challenges, Mr. Subramaniam also cussed meaningful youth engagement recognized how the current generation emphasized ADB’s evolving journey to (MYE) and how government and of youth are more aware and have big- promote MYE: “We are learning gra other development partners can col- ger empathy toward global issues like dually on how to bring youth into our laborate with young people to promote climate change and the ongoing health operations and knowledge work so as to an inclusive, resilient, and sustainable crisis. She emphasized that youth are operationalize MYE. There is much we

Scan to watch online recovery from COVID-19. Together adaptive to change, technology-savvy, can learn from young people, and ways with ADB’s Ramesh Subramaniam, and vital partners of governments in the in which we can collaborate across the an intergenerational panel discussed recovery from the pandemic. generations, so that we drive change in MYE in practice. Panelists discussed Mr. Subramaniam shared how the local communities across the region.” how MYE is essential in promoting ADB’s YfA team mobilizes local youth Christopher Morris closed the ses- shared-value youth-adult partnerships, in project design, implementation, sion with a video illustrating how ADB and in creating opportunities for young and monitoring as well as in sup- involves the youth in its development people to exercise power and voice, porting stakeholder and community projects, inviting young people to be especially among the vulnerable and engagement. He cited examples of part of the YfA activities, and launching marginalized. youth-led project and knowledge work a call for papers on MYE. •

30 Civil Society Program

Reviewing ADB’s Energy Policy to Meet Paris Goal of 1.5 Degrees Celsius

WITH NGO FORUM ON ADB • 5 MAY 2021, 2:00–3:30 P.M. (MANILA TIME)

Panelists Avril De Torres, Head, Research, Policy, and Law Program, Center for Energy, Ecology, and Development (CEED) Jorge Emmanuel, Adjunct Professor of Environmental Science and of Engineering, Silliman University, Philippines Roger Fischer, Executive Director for Austria, Germany, Luxembourg, Turkey, and the United Kingdom, ADB Hasan Mehedi, Chief Executive, Coastal Livelihood and Environmental Action Network (CLEAN) Titi Soentoro, Executive Director, Aksi! for Gender, Social and Ecological Justice Glenn Ymata, Energy Campaigner, NGO Forum on ADB

Moderator Sophie Richmond, Big Shift Global Coordinator, Climate Action Network

THE NGO FORUM ON ADB explored coal-powered plants to overcapaci- Department made a convincing case the political appetite for a “fossil-free ty, 50% of which are kept idle, yet the that ADB’s current Energy Policy is ADB and fossil-free Asia and the country had to keep on paying the outdated and needs to be improved. Pacific.” The session, moderated by loans. In Indonesia, geothermal power Currently, ADB is facilitating a com- Sophie Richmond and attended by 531 plants funded by ADB transected prehensive stakeholder consultation participants, focused on ADB’s current forested areas, triggered earthquakes, process on its Energy Policy, including Energy Policy review. The NGO Forum and led to loss of livelihood, income dialogues with CSOs. said the review provides the opportuni- and water source to impacted commu- Mr. Fischer cited that his con- ty for ADB to shift its role to a “climate nities. The panel called for ADB to end stituency’s position on many energy finance bank” and help borrowing gov- fossil finance, promote just transition issues is close to that of CSOs. He ernments meet their Paris Agreement to renewable energy, support micro also emphasized the need for a wider commitments. grids and zero-waste technologies, and debate beyond the Energy Policy with The civil society organization support the enabling environment for a civil society around Paris Agreement (CSO) panel urged ADB to shift to carbon- and fossil-free region. alignment, as well as ADB’s Safeguard sustainable and renewable energy “Inaction is not an option,” said Policy Statement, which is also current- and provide energy access to all. The ADB Executive Director Roger Fischer, ly undergoing a review. He stated that panelists cited studies that report representing his constituents, and argu- ADB aims to have its new Energy Policy on ADB’s considerable carbon foot- ing that ADB has a strategic role beyond approved in time for 26th UN Climate print in the region. In Bangladesh, individual energy projects. He noted Change Conference of the Parties for example, ADB heavily invested in that ADB’s Independent Evaluation (COP26). •

Scan to watch online The panel called for ADB to end fossil finance, promote just transition to renewable energy, support microgrids and zero-waste technologies, and support the enabling environment for a carbon- and fossil-free region.

31 SEE YOU IN

A river separates Maduwana village from the main town of Baddigama in Sri Lanka. An ADB-funded steel suspension bridge, built in 2004, dramatically improved the lives of adb.org/annual-meeting/2022 680 villagers, connecting them to medical services, schools, and markets. About the Annual Meetings of the Asian Development Bank Board of Governors

The annual meeting of the Asian Development Bank (ADB) Board of Governors is an opportunity to provide guidance on the administrative, financial, and operational directions of ADB. The meetings provide opportunities for member governments to interact with ADB staff; nongovernment organizations; media; and representatives of observer countries, international organizations, academe, and the private sector. ADB’s annual meetings have become a premier forum for the discussion of economic and social development issues in Asia and the Pacific. The 54th ADB Annual Meeting was held virtually for the second time on 3–5 May 2021 as a result of the coronavirus disease (COVID-19) pandemic.

About the Asian Development Bank

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. Its main instruments for helping its developing member countries are policy dialogue, loans, equity investments, guarantees, grants, and technical assistance.

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