South Korea and the Asian Development Bank (ADB) have agreed to establish an ADB-Korea Climate Technology Hub (K-Hub) in Seoul next year, as reported by Nikkei Asia on May 4. The K-Hub will serve as a networking platform for the climate sector, connecting public and private climate experts from ADB’s developing member countries (DMCs). It will design and implement ADB’s climate projects, including climate knowledge transfer and capacity building. The Korean government and the ADB will share the costs for the K-Hub.
The agreement was signed by ADB President Masatsugu Asakawa, and South Korean Finance Minister Choo Kyung-ho during ADB’s 56th Annual Meeting. At the meeting, the Korean government also committed USD100m in replenishment to the ADB-managed e-Asia and Knowledge Partnership Fund and USD5m to the Asia Pacific Project Preparation Facility (AP3F), in a move to support ADB’s efforts in improving DMCs’ access to digital services and in enhancing infrastructure development through sustainable and inclusive public–private partnerships (PPPs). Asakawa stressed that economic development will be impossible without effective action on climate change, considering the unprecedented destruction caused by climate change. On April 14, the ADB introduced a new and faster lending model, under which it will provide an additional USDS15bn in financing for emerging markets in Asia to tackle climate change, as part of its plan to offer a cumulative climate financing of USD100bn by 2030.