Kreetika Kumar 
The Pacific region is very vulnerable to climate change, and it needs a lot of investment in adaptation.
Asian Development Bank Senior Economist David Raitzer says it also could use investment as well in mitigation because even though the Pacific contributes a small share of global emissions, all mitigation actions help the world.
This follows the announcement by multilateral development banks at COP29 in Baku, Azerbaijan outlining financial support and other measures for countries to achieve ambitious climate outcomes.
Raitzer says ADB is committed to doing its part to help finance the needed changes.
“Basically, the role of international financial institutions cannot, though, be to finance all of the adaptation needs. The adaptation investment needs are profound. It requires a whole range of investments. It requires domestic resources.”
Raitzer adds that it requires strategic use of concessional finance.
He further highlights that it also requires much more leveraging as well of private sector investments, just because the scale of adaptation investment needs will be far higher than what can be provided by IFIs and by the international community.
