Regional climate fund launched by CAREC to strengthen regional collaboration on climate resilience
In an effort to improve regional cooperation on climate resilience, low-carbon growth, and sustainable development, member nations of the Central Asia Regional Economic Cooperation (CAREC) Program have approved a new Climate Change Action Plan (CCAP) and established the CAREC Climate and Sustainability Project Preparatory Fund (CSPPF).
The approval was made during today’s 23rd CAREC Ministerial Conference in Astana. The Midterm Review of the CAREC 2030 Strategy, which included recommendations for improving operations toward climate-smart development and regional public goods, as well as for reviving regional cooperation, was also approved by ministers.
“The approval of the CAREC Climate Change Action Plan and the establishment of the Climate and Sustainability Project Preparatory Fund are significant milestones in our collective efforts to address climate change,” said Asian Development Bank (ADB) President Masatsugu Asakawa, who delivered a keynote address at the conference.
“By working together, we can build resilient infrastructure, develop early warning systems, and create a greener future powered by renewable energy,” he added.
With the goal of advancing sustainable development through regional collaboration, the CAREC Program is a collaboration between nations in Central Asia, the Caucasus, South Asia, and East Asia as well as development partners.
It makes it easier to implement realistic, outcome-driven regional projects and policy initiatives that will boost economic growth and lower poverty in the area. The Secretariat of CAREC is housed at ADB.
From 2025 to 2027, the CCAP gives priority to projects that carry out the CAREC Climate Change Vision.
It addresses climate issues in the region by concentrating on four key areas.
Its objectives are to promote low-carbon growth by lowering emissions and increasing renewable energy, strengthen the water-energy-food nexus, assist nations in better preparing for and responding to climate risks, and establish a CAREC climate platform.
In line with their obligations under the Paris Agreement, the CSPPF will help CAREC nations create bankable regional climate projects.
In order to generate $5 million in initial funding for CSPPF, ADB also signed fund contribution agreements with the Ministry of Finance of the People’s Republic of China and the Ministry of Economy and Finance of the Republic of Korea today.
Asakawa met with President Kassym-Jomart Tokayev while in Kazakhstan to talk about continued collaboration and upcoming projects with ADB.
He will also be present at the signing of a loan agreement to rebuild 208 kilometers of road in central Kazakhstan and take part in a ceremony commemorating the 30 years of ADB and Kazakhstan’s partnership.
ADB has committed approximately $7 billion in loans, grants, and technical assistance for public and private sector development projects and initiatives since Kazakhstan joined the organization in 1994.
While continuing its efforts to end extreme poverty, ADB is dedicated to creating a prosperous, inclusive, resilient, and sustainable Asia and the Pacific.
It was founded in 1966 and has 69 members, 49 of whom are local.
