Member countries of the Central Asia Regional Economic Cooperation (CAREC) Program have endorsed a new Climate Change Action Plan (CCAP) and launched the CAREC Climate and Sustainability Project Preparatory Fund (CSPPF) to strengthen regional collaboration on climate resilience, low-carbon growth, and sustainable development.
This endorsement took place at the 23rd CAREC Ministerial Conference, held on 8 November 2024 in Astana, under the chairmanship of Kazakhstan. The purpose of the meeting was to expand cooperation between the participating countries of the Program and international financial institutions in shaping the integrated and sustainable development of the Central Asian region.
During the meeting, the Ministers also approved the Mid-term Review of the CAREC 2030 Strategy, which recommended enhancing regional cooperation and strengthening operations towards climate-smart development and regional public goods, among other things.
“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.
“With the CAREC Climate Change Action Plan, we have a clear roadmap to create regional solutions that will set global benchmarks. Together, we can build resilient infrastructure, develop early warning systems, and create a greener future powered by renewable energy. ADB is committed to leading this effort by aligning our climate financing target of at least $100 billion cumulatively by 2030 to support your national priorities,” he said.
According to Asagawa, the success depends on three interconnected pillars: climate resilience, digital innovation, and financing for impact. These are not just strategies. They are imperatives for survival and growth in an interconnected world.
The Climate Action Plan, spanning from 2025 to 2027, prioritizes initiatives to implement the CAREC Climate Change Vision. It focuses on four main areas to tackle climate challenges in the region. It aims to help countries better prepare for and respond to climate risks; enhance the water-energy-food nexus; promote low-carbon growth by reducing emissions and expanding renewable energy; and create a CAREC climate platform.
The CAREC Climate and Sustainable Development Project Preparation Fund will assist CAREC countries in developing bankable regional climate projects aligned with their commitments under the Paris Agreement.
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, generating a total of $5 million initial funding for CSPPF.
CAREC has invested $51 billion in the region in 20 years
Prime Minister of Kazakhstan Olzhas Bektenov, speaking at the CAREC Ministerial Conference, noted the relevance of the Program for the Central Asian region.
For more than 20 years, about $51 billion has been invested in the region, of which over $9 billion has been directed to projects in Kazakhstan, he said.
“We will continue to work closely with international financial institutions and the CAREC member countries to achieve common goals. We are aimed at developing the agro-industrial complex with an emphasis on deep processing and increasing the share of processed products, actively changing the structure of exports and increasing its volumes,” Bektenov said.
Stressing the interest in the implementation of large-scale infrastructure projects ensuring transport connectivity and energy sustainability of the Central Asian states, the Prime Minister of Kazakhstan called on the regional countries and international financial organizations to join forces to implement joint projects.
The CAREC program is an initiative of the Asian Development Bank and is implemented in partnership with leading international financial institutions. The conference was attended by Masatsugu Asakawa, President of the Asian Development Bank, Kabir Jurazoda, Director of the CAREC Institute, Peteris Ustubs, Director for the Middle East, Asia and the Pacific of the European Commission, representatives of the International Monetary Fund, the World Bank, the Islamic Development Bank and other financial organizations, as well as delegations from South Korea, Japan, Kazakhstan, Uzbekistan, Kyrgyzstan, Azerbaijan, Georgia, Mongolia, Pakistan, Tajikistan, Turkmenistan.///nCa, 8 November 2024 (photo credit – official website of the Prime Minister of Kazakhstan)
Here are some photos from the conference:
