| Project Detail |
Project Name ADB-Korea Climate Technology Hub
Project Number 57263-001
Country / Economy Regional
Project Status Active
Project Type / Modality of Assistance Technical Assistance
The TA will finance the establishment and operation of the ADB-Korea Climate Technology Hub (K-Hub) in Seoul, Republic of Korea, for the benefit of all developing member countries (DMCs) of ADB. The K-Hub will connect ADBs DMCs to global cutting-edge climate technology, experts, service providers, and other stakeholders in the climate technology ecosystem; serve as a think tank to share and disseminate climate technology-related policies and knowledge; serve as a platform where DMCs and technology providers can interact and explore cooperation; enable DMCs to keep abreast of the latest climate technology development to address their demand for food, energy and water security, disaster management, and smart infrastructure and mobility; and make informed decisions on the technology solutions. It will focus on mapping out and introducing the climate technologies that respond to the DMCs needs; studying and comparing the technology ecosystems for the supply and demand side including recommending improvements; connecting the technology providers and those in demand in the DMCs; strengthening DMCs science and technology ecosystems; and fostering climate technology policy dialogue and accelerated application and deployment of climate technologies in the DMCs. The K-Hub will work closely with ADBs OMDP, RDs, SG, PSOD including ADB Ventures, and Innovation Hub; explore novel business models; and contribute to ADBs sovereign and nonsovereign operations and low-cost technology solutions for the DMCs.
Project Rationale and Linkage to Country/Regional Strategy
Climate change including increases in frequency, magnitude, and intensity of extreme events resulting from global warming is one of the most pressing challenges facing the world. The Asian and the Pacific region accounts for more than 50% of the GHG emissions and has been experiencing widespread damages and losses to infrastructure, ecosystems, and human lives; worsening of food and water security; and erosion of development gains caused by extreme heat waves, floods, and droughts. There is an urgency for countries and the international community to intensify their efforts to reduce GHG emissions and increase resilience to the devastating climate change impacts.
Climate smart technologies play a crucial role in transitioning to low-carbon economies and building climate disaster resilience. A wide range of innovative solutions and technological advancement to provide clean energy, improve energy efficiency, green transport and agriculture, and conserve water has become available, but they are with a few countries, and deployment in ADB DMCs is not fast enough to help them decarbonize and cope with the consequences of the climate change. Major barriers facing many of the DMCs are: (i) inadequate policy and regulatory requirements to drive technological development; (ii) weak national science, technology, and innovation systems; (iii) gaps between technology supply and demand and lack of trust; and (iv) financing and investment recovery. The design of the TA has drawn from the work of the UN Technology Mechanism and the lessons and experiences learned from the Global Environment Facility and Green Climate Fund--the two operating entities of the UNFCCCs Financial Mechanism and ADBs experiences in setting up similar hubs or centers, which include (i) quality private sector engagement and leverage, (ii) development of facilitating policies and legislation as a priority, (iii) a clear focus and scope in supporting operations departments, (iv) strengthening of climate technology ecosystems, (v) promotion of interest in climate mitigation and adaptation technologies, and (vi) adequate dissemination of the TA activities. The TA will focus on increasing awareness of the proven climate technologies and related conducive ecosystems, generating demand, contributing to the business development for ADBs both sovereign and nonsovereign operations, and supporting climate technology providers to succeed in deploying their technologies in the DMCs.
The TA aligns with the ADBs Strategy 2030 that promotes advanced technologies and private sector development and Climate Change Action Plan 2023-2030 which includes establishing and operationalizing the K-Hub as a climate action. It also aligns with the Paris Agreement that highlights the importance of technology for the implementation of mitigation and adaptation actions under the Agreement, and the priorities of the DMCs that recognize the critical role of technology in combating the climate crises, advancing their economic and social development, and improving living standards, as reflected in the G20 New Delhi Leaders Declaration and G77s declaration of September 16 as the annual "Day of Science, Technology, and Innovation in the South."
Impact
DMCs climate mitigation and adaptive capacity strengthened. |
