Beijing expects ADB to strengthen support for energy transition, targeted countercyclical assistance

China expects the Asian Development Bank (ADB) to maintain its commitment to genuine multilateralism, build consensus among its member countries, respond to their needs, and make a greater contribution to sustainable economic growth and development in the region, Lan Fo'an, Minister of Finance of the People's Republic of China, said during the Governors' Business Session at the 59th Annual Meeting of the ADB Board of Governors, Report informs.

"With the ongoing impact of recent conflicts in the Middle East and growing geopolitical instability, the Asian Development Bank must continue its analytical work and conduct effective monitoring. In addition to monitoring risks to oil and natural gas supplies, the Bank should focus on spillover effects on food security, financial stability, and the macroeconomic situation in developing member countries.

Furthermore, ADB should provide targeted countercyclical financial assistance through programmatic loans, the Trade and Production Finance Program, and other mechanisms," reads the statement.

It is emphasized that ADB should simultaneously leverage its status as Chair of the Multilateral Development Bank Group to strengthen coordination of joint anti-crisis measures.

"In line with the strategic priorities enshrined in the midterm review of Strategy 2030, the Asian Development Bank should increase its support for the energy transition, particularly in the area of ​​renewable energy – solar and wind generation. ADB is also called upon to adhere to the principle of 'open regionalism' and promote effective alignment of Bank-supported programs (such as CAREC and GMS) with the Belt and Road Initiative, ASEAN, and the Lancang-Mekong Cooperation. Priority should be given to simplifying customs procedures, developing cross-border logistics, and creating industrial parks. The Bank also needs to continue supporting the construction of cross-border energy infrastructure," the statement states.