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    Central Asia

    ADB urges trade policy reforms to reduce carbon footprint in Central Asia

    ADB urges trade policy reforms to reduce carbon footprint in Central Asia

    Trade policy reforms and closer cross-border collaboration in Central Asia and its neighbouring countries were highlighted as key strategies to reduce the carbon footprint of trade and value chains. This emphasis came during the Asian Development Bank’s (ADB) 57th annual meeting, the ADB’s press service reports. The meeting underscored the importance of concerted efforts to make supply chains less carbon-intensive and more resilient, with ADB officials pointing to the Central Asia Regional Economic Cooperation (CAREC) Program as a potential vehicle for achieving these goals.

    Photo: ADB urges trade policy reforms to reduce carbon footprint in Central Asia
    Source: ADB
    “Harmonizing policies and standards through the ADB-supported Central Asia Regional Economic Cooperation (CAREC) Program can help to increase trade while making supply chains less carbon-intensive and more resilient,” said ADB Director General for Central and West Asia Yevgeniy Zhukov.

    While trade has notably driven economic growth, it also led to increased carbon emissions. The World Trade Organization reports that about 20%-30% of global carbon dioxide emissions are associated with global trade and supply chains.

    Most CAREC countries specialize in emission-intensive sectors such as electricity, chemicals, and mining, leading to one of the world's highest shares of carbon dioxide emissions in value-added manufacturing within the region.

    Photo: ADB urges trade policy reforms to reduce carbon footprint in Central Asia
    Source: Yandex

    With vast reserves of critical minerals crucial for the energy transition, such as those used in wind turbines, electric vehicles, and battery storage, CAREC countries have the potential to shift away from fossil fuels and capitalize on market opportunities arising from this transition.

    To remain competitive amid growing environmental standards and carbon pricing policies, CAREC countries require a regional approach to developing green standards. Coordinated regional decarbonization policies and carbon pricing could lead to better use of resources, enhanced economic integration, reduced carbon leakage, and increased technology transfer.

    “With support from its development partners, CAREC is also working to increase climate financing that will help accelerate member countries’ transition to clean energy and strengthen their resilience against climate change impacts,” said ADB Regional Cooperation Head for Central and West Asia Lyaziza Sabyrova.
    Photo: ADB urges trade policy reforms to reduce carbon footprint in Central Asia
    Source: Hotelier India

    The CAREC Program is a partnership of countries in Central Asia, the Caucasus, and East Asia, along with development partners. It aims to promote sustainable development, accelerate economic growth, and reduce poverty. ADB hosts the CAREC Secretariat.

    Established in 1966 and owned by 68 members, 49 from the region, ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while continuing efforts to eradicate extreme poverty.

     

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    08.05.2024, 09:00   Comments (0)   1001
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