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    Asian Development Bank Sustainability Report 2020
    Asian Development Bank Sustainability Report 2020
    Asian Development Bank Sustainability Report 2020
    Ebook433 pages3 hours

    Asian Development Bank Sustainability Report 2020

    By Asian Development Bank

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    About this ebook

    The Asian Development Bank Sustainability Report has been produced biennially since 2007. It enables stakeholders to understand and assess ADB’s sustainability performance in its project investments, technical assistance, knowledge services, and corporate footprint. The publication consists of two parts. Part I: Highlights presents the major economic, social, and environmental impacts of ADB’s operations and headquarters for 2018 and 2019. Part II: The Global Reporting Initiative Content Index provides detailed information and data on the integration of sustainability in ADB’s operations, facilities, and organizational activities against the reporting standards of the Global Reporting Initiative.
    LanguageEnglish
    PublisherAsian Development Bank
    Release dateDec 1, 2020
    ISBN9789292627195
    Asian Development Bank Sustainability Report 2020

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      Book preview

      Asian Development Bank Sustainability Report 2020 - Asian Development Bank

      ASIAN DEVELOPMENT BANK

      SUSTAINABILITY REPORT 2020

      PART I: HIGHLIGHTS

      DECEMBER 2020

      Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO)

      © 2020 Asian Development Bank

      6 ADB Avenue, Mandaluyong City, 1550 Metro Manila, Philippines

      Tel +63 2 8632 4444; Fax +63 2 8636 2444

      www.adb.org

      Some rights reserved. Published in 2020.

      ISBN 978-92-9262-718-8 (print), 978-92-9262-719-5 (electronic), 978-92-9262-720-1 (ebook)

      Publication Stock No. TCS210051-2

      DOI: http://dx.doi.org/10.22617/TCS210051-2

      The views expressed in this publication are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent.

      ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. The mention of specific companies or products of manufacturers does not imply that they are endorsed or recommended by ADB in preference to others of a similar nature that are not mentioned.

      By making any designation of or reference to a particular territory or geographic area, or by using the term country in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area.

      This work is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) https://creativecommons.org/licenses/by/3.0/igo/. By using the content of this publication, you agree to be bound by the terms of this license. For attribution, translations, adaptations, and permissions, please read the provisions and terms of use at https://www.adb.org/terms-use#openaccess.

      This CC license does not apply to non-ADB copyright materials in this publication. If the material is attributed to another source, please contact the copyright owner or publisher of that source for permission to reproduce it. ADB cannot be held liable for any claims that arise as a result of your use of the material.

      Please contact [email protected] if you have questions or comments with respect to content, or if you wish to obtain copyright permission for your intended use that does not fall within these terms, or for permission to use the ADB logo.

      Corrigenda to ADB publications may be found at http://www.adb.org/publications/corrigenda.

      Notes:

      In this publication, $ refers to United States dollars.

      All figures, table, photos, and illustrations are from ADB unless specified.

      Cover design by Ross Locsin Laccay.

      CONTENTS

      TABLES AND FIGURES

      THE PRESIDENT’S STATEMENT

      The Asian Development Bank (ADB) has long supported environmental, social, and financial sustainability in its operations and institutional practices. It makes me proud to lead an institution that continues to strive to walk the sustainability talk in its project investments, technical assistance services, and corporate footprint.

      I am, therefore, very pleased to share this summary of ADB’s sustainability highlights and its accompanying Global Reporting Initiative (GRI) Content Index, which presents the significant economic, social, and environmental impacts of ADB’s operations and facilities for 2018 and 2019.

      We release this report at a highly unusual and challenging time, when all 68 members of ADB in Asia and the Pacific, North America, and Europe are still reeling from the coronavirus disease (COVID-19) pandemic that has hobbled the global economy and fundamentally changed our way of life. The pandemic has revealed just how dependent human health and social and economic well-being are on the health of the environment and natural ecosystems.

      Now, more than ever, it is critical that institutions like ADB are transparent about the sustainability of our operations and project financing as we look to jump-start a resilient, inclusive, and sustainable recovery for the region.

      In 2018, in what was probably the most significant step toward embedding sustainability in ADB, we transitioned to a new long-term strategy—Strategy 2030—taking a more holistic approach to the region’s changing needs, and offering a new road map for ADB to better respond to the diversity and aspirations of our developing member countries (DMCs).

      ADB’s Board of Directors then endorsed in October 2019 seven operational plans covering each of the seven priorities of Strategy 2030. These are designed to reinforce and complement one another, focusing on addressing remaining poverty and reducing inequalities; accelerating progress in gender equality; tacking climate change, building climate and disaster resilience, and enhancing environmental sustainability; making cities more livable; promoting rural development and food security; strengthening governance and institutional capacity; and fostering regional cooperation and integration. This summary report includes examples of some notable projects and initiatives that embody these priorities.

      As a key monitoring mechanism, we approved in August 2019 a new Corporate Results Framework for 2019–2024. This is to ensure that ADB’s actions and investments align with Strategy 2030 and our new operational priorities. The Corporate Results Framework includes key targets presented in Strategy 2030, including $80 billion in cumulative climate financing by 2030, with 75% of our total number of operations focusing on climate change mitigation and adaptation.

      While we still have a long way to go to meet the ambitions set out in Strategy 2030, we are making progress as we continue to increase our efforts. Over the past 2 years, we expanded our support for environmentally sustainable, low-carbon, and resilient investments, with $4.54 billion in financing in 2018, followed by a record $6.56 billion in climate change investments in 2019. Such investments contributed to tangible outcome for sustainable development in our DMCs. For example, ADB’s $2.4 billion investments in clean energy projects over 2018 and 2019 are expected to generate 4.6 gigawatts of additional capacity from renewable energy sources and 5.1 terawatt-hours in electricity savings, while cutting about 17.4 million tons of carbon dioxide emissions per year. The past 2 years also saw almost 1 million households provided with new and improved energy access.

      ADB also views mobilizing resources from the private sector as critical to ensure sustainable development. Financing from ADB for two landmark, first-ever green bonds issuances by our clients is a case in point, with financing in 2019 for the AC Energy Green Bond Project ($20 million) and the Energy Absolute Green Bond for Wind Power Project ($98.2 million, or 3 billion). Another good example is the ASEAN Catalytic Green Finance Facility that ADB launched in April 2019 with with Association of Southeast Asian Nations (ASEAN) countries and development partners. The facility aims to spur more than $1 billion in green and climate-friendly infrastructure investments, such as sustainable transport, clean energy, and resilient water systems across Southeast Asia by mobilizing investments from the private sector.

      In May 2019, we launched an Action Plan for Healthy Oceans and Sustainable Blue Economies, committing to scale-up investments and technical assistance for ocean health between 2019 and 2024. The plan prioritizes protecting and restoring coastal and marine ecosystems and key rivers, reducing land-based sources of marine pollution, including plastics, and improving the sustainability of coastal infrastructure development.

      We also increased our support to improve social inclusion and services to the most vulnerable and marginalized communities. We are committed to delivering gender equality results in at least 80% of completed projects by 2024, having already achieved a 3-year average of 74% of projects during the 2017–2019 period.

      We launched thematic bonds that enable socially responsible investors to fund projects, with bonds issued for gender ($46.9 million in 2018 and $51.5 million in 2019), water ($12.3 million in 2018) and health ($12.8 million in 2019). This is in addition to the $1.76 billion for green bonds issued in 2018 and $2.59 billion issued in 2019, which included an Australian $1 billion Kangaroo green bond, the largest Supranational, Sovereign and Agency (SSA) Kangaroo green bond at the time of issuance in 2019.

      At the institutional level, we continue to take actions to improve our corporate footprint and resource management. In addition to using renewable energy to power our headquarters, we encourage the use of videoconferencing to reduce air travel and use green vehicles when possible. We remain carbon neutral through the purchase of carbon credits for residual emissions. Our headquarters in Manila was recertified to International Organization for Standardization (ISO) 14001, 45001, and 50001 in 2018. Since 2011, we have maintained gold certification in Leadership in Energy and Environmental Design (LEED) practices and specification for operating and maintaining green buildings.

      As part of the Human Resources Framework for diversity and mutual respect among staff, we established the Office of Professional Conduct in 2019 to better address workplace concerns. Women comprised 36% of all international staff in 2018 and 37% in 2019, putting us on track to meet our transitional target of 38% by 2020, as we progress toward our longer-term corporate target of 40% by 2022. I am also proud to share that in 2019, ADB marked the International Day Against Homophobia, Transphobia, and Biphobia (IDAHOT) by hosting events over 2 days at ADB headquarters in Manila and also became the first international financial institution to earn the second tier EDGE (Economic Dividends for Gender Equality) Move Certification, demonstrating significant progress in ADB’s gender representation, pay equity, effectiveness of policies, and practices to ensure equitable career flows and inclusiveness.

      We have updated our Public Communications Policy into an expanded Access to Information Policy to further enhance transparency of our operations and internal management. We are also currently re-evaluating our key policies on energy, and environmental and social safeguards, and improving how we measure our impact and evaluate our results. These actions will ensure that our efforts remain effective, efficient, and sustainable; and member countries and stakeholders are better informed about our operations and results.

      As Asia and the Pacific recovers from the impact of COVID-19, ADB is listening carefully and responding to the urgent needs of our DMCs. Let me also make it clear that even during the extraordinary period of the pandemic, ADB has not wavered from the ambitious targets set by Strategy 2030 on critical issues such as climate change and gender. Building back better through a green, inclusive, resilient, and sustainable recovery will be critical for the region’s future and ADB stands ready to support.

      We hope you enjoy reading this summary report and the accompanying GRI Contents Index.

      MASATSUGU ASAKAWA

      President and Chairperson of the Board of Directors Asian Development Bank

      ACKNOWLEDGMENTS

      Preparation of the Sustainability Report was overseen by Woochong Um, director general, Sustainable Development and Climate Change Department (SDCC); and Lakshmi Menon, principal director, Office of Administrative Services; and led by Bruce Dunn, director of the Safeguards Division, SDCC and concurrently officer-in-charge of the Environment Thematic Group.

      Preparation and production of this summary report was managed by Duncan Lang, senior environment specialist, SDCC with core support from Marie Antoinette Virtucio, Cristina R. Velez (consultant), Ross Locsin Laccay (consultant), Christopher Darius M. Tabungar, as well as Phil Hughes (consultant), who provided technical guidance. In addition, essential support was also provided by Erwin R. Casaclang, facilities planning and management officer, Office of Administrative Services; and Bianca Nela D. De la Isla, senior operations assistant, Budget, Personnel, and Management Systems Department. Karen Williams (consultant), and Monina Gamboa copyedited this report for publication.

      The following focal points provided essential information and advice:

      Christel Adamou, Wilfredo Agliam, Meenakshi Ajmera, Angelica Alejandro, Michelle Apostol, Agnes Kristine Arban, Md. Abul Basher, Julia Cummins, Erwin Casaclang, Mary Jane CarangalSan Jose, Alexandra Pamela Chiang, Olimpia Henriques da Silva, Irene Dionisio, Lydia Domingo, Roqueña Domingo, Minhong Fan, Coral P. Fernandez-Illescas, Sanjay Grover, Sharad Ghosh, Dorothy C. Geronimo, Amal Hakki, Tadateru Hayashi, Andrew Head, Neil Hickey, Arndt Husar, Esmyra Javier, Thomas Kessler, Jamie Kho, Pei Ling Koh, Hazel Lalas, Catherine Leonillo, Cai Li, Jeffrey Liang, Cholpon Mambetova, Rie Matsubayashi, Duncan Mcleod, Josefina Miranda, Mark Morales, Antoine Morel, Takako Morita, Kee-Yung Nam, Smita Nakhooda, Keiko Nowacka,

      Arlene Pantua, Rishmil Patel, Aldrin Plaza, Przemek Prutis, Mailene Radstake, Vivek Raman, Mirko Rizzuto, Amuerfina Santos, Srinivas Sampath, Malika Shagazatova, Rajeev Singh, Charity Torregosa, Tomoo Ueda, Orlee Velarde, Carmela Villamar, and Jean Williams

      We also gratefully received assistance from many people across ADB, including Leah Arboleda, Marissa L. Barcenas, Haidy Seang Ear-Dupuy, Metis Ilagan, Christopher I. Morris, Wilhelmina T. Paz, Nissanka Amila Buddika Salgado, Elaine Thomas, and Michelle Tumilba.

      ABBREVIATIONS

      I. SUSTAINABILITY HIGHLIGHTS, 2018–2019

      Launched Strategy 2030—closely aligned with Sustainable Development Goals (SDGs) and the Financing for Development Agenda, the Paris Agreement on climate change, the Sendai Framework for Disaster Risk Reduction, and the G20 agenda for quality infrastructure (2018)— and mainstreamed the Seven Operational Priorities (2019).

      II. ABOUT THE ASIAN DEVELOPMENT BANK

      ADB is a multilateral development bank (MDB) established in 1966 whose purpose is to foster economic growth and cooperation in the Asia and Pacific region and to contribute to the economic development of its developing member countries (DMCs). ADB transfers resources from global capital markets to its DMCs through government (i.e., public sector or sovereign) and private sector (nonsovereign) projects.

      ADB provides a range of financial products for the public and the private sectors, including loans, grants, and technical assistance (TA) from its special funds, including the Asian Development Fund; administers financing partnership facilities, trust funds, and other funds; promotes innovation; and disseminates knowledge and information, consistent with Strategy 2030.

      By the end of 2019, ADB’s total assets were $222 billion.

      ADB is owned and governed by its 68 members

      The membership of ADB reflects the intention of its founders to limit its operations to the Asia and Pacific region, and also to incorporate the active participation and financial resources of members outside the region. At the end of 2019, the value of ADB’s subscribed capital was $147.1 billion. Total shareholders’ equity was $51.9 billion.

      The overarching vision of ADB’s long-term corporate strategy has been set out through Strategy 2030, which aims to achieve a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining efforts to eradicate extreme poverty. Strategy 2030 sets seven operational priorities, each with its own operational plan.

      ADB invests in projects that create economic and development impact, supporting its DMCs’ to reduce poverty and improve the quality of life of their people. Thus, ADB’s beneficiaries are its DMCs and, ultimately, those people who benefit from improved living conditions and quality of life in these countries.

      Solar panels installed at Asian Development Bank headquarters in Mandaluyong City, Metro Manila, Philippines. The panels provide clean, renewable energy to ADB headquarters as part of ongoing efforts to walk the sustainability talk and lead by example.

      III. GOVERNANCE

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