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estimated at around 30 million tonnes CO2. CONCLUSIONThe Copenhagen Accord has placed a renewedemphasis on financing as a key to achieve a robustclimate agreement and meaningful carbon emissionreductions. Financing must be large-scale, targeted yetflexible, easy to use, and rapidly deployed. The EBRDexperience in climate mitigation finance demonstratesthe significant scaling up which can be achieved byfocusing the organisation as a whole both strategicallyand operationally on this challenge. It also shows theimportance of close operational and financialcollaboration involving government agencies, privatefirms, donors and other MDBs. The challenge now is to accelerate and expand activity. While the EBRD experience shows how meaningful carbonemission reductions leveraging private sector financingcan be achieved, the meeting in CancĂșn muststrengthen the policy and financial basis for climateaction commensurate with the scale and urgency ofthe challenge. nABOUT THE AUTHORThomas Mirow became the President of the EuropeanBank for Reconstruction and Development in 2008. Before joining the EBRD, he was State Secretary atGermany's Federal Ministry of Finance (2005-2008)and Director General for Economic Policy in the FederalChancellery (2001-2005). Earlier in his career, MrMirow, who holds a degree from University of Bonn,held senior cabinet positions in the government of thestate ("Land") of Hamburg and senior managementand advisory positions in the private sector.REGIONAL PERSPECTIVES049

" "COUNTRIES INASIA AND THE PACIFIC HAVEBEEN ACTING AGGRESSIVELY TOBOTH REIGN INGHG EMISSIONSAND PREVENT POTENTIALLY CATASTROPHICCLIMATE CHANGEIMPACTS ONHUMAN LIFE ANDLIVELIHOODSf the climate change battle is to be won, itmust be won in Asia and the Pacific. TheAsia and Pacific region is home toapproximately half of the world'spopulation and two-thirds of the world's poor. It is morevulnerable to climate change than any other region inthe world. Climate change presents a fundamentalthreat to the region's hard-fought socioeconomic gains.Large agrarian populations reliant on natural resources,a large number of near-poor who are vulnerable tosliding back into poverty, and many large, low-lyingcoastal cities exposed to more powerful storms andrising sea levels are significantly at risk. While Asia's greenhouse gas emissions are very low inper capita terms compared to industrialised countries,they are rapidly increasing. The region currently accountsfor slightly more than 30 per cent of global CO2emissions from energy consumption; without concertedaction, this figure will rise to about 45 per cent by 2030. As the negotiations under the United NationsFramework Convention on Climate Change movesouthward, to CancĂșn, Mexico, delegates will onceagain wrestle with the issues faced by the world's mostdynamic economies. Rapidly expanding economiesrequire increasing access to energy, transport and urbaninfrastructure as well as natural resources that are aboon to growth, but often contribute to climate change. In Copenhagen last year, we saw a clear divergence ofviews concerning "common but differentiatedresponsibilities", and this discussion will continue intoCOP 16. In the meantime, countries in Asia and thePacific have been acting aggressively to both reign inGHG emissions and prevent potentially catastrophicclimate change impacts on human life and livelihoods.Large-scale investments in renewable energy are beingmade to meet burgeoning energy demand. ThePeople's Republic of China became the world's largestinvestor in renewable energy in 2009. It has doubled itswind power capacity for six consecutive years, from 0.3GW in 2003 to 25.8 GW in 2009. In the process, Chinahas developed the second largest user of wind power inthe world, and the top annual installer of new capacity.In India, promoting clean energy is a necessity toaddress the energy deficit and to provide access in off-grid areas. By March 2010, the proportion ofrenewable energy-based grid-connected capacity tototal capacity was already about 10 per cent, or animpressive 17,222 MW. India is ahead of the globalcurve in terms of the smart grid. The launch of theIndia Smart Grid Forum earlier this year in New Delhidemonstrated India's determination to move forwardwith this technology which - through "smart"information technologies that link webs of energy usersand generation points - could drastically improveenergy efficiency and access to energy in remote areas.What is more, countries in Asia and the Pacific aresetting self-imposed emissions reductions targets. TheGovernment of Indonesia, for instance, has pledged toreduce its emissions by 26 per cent by 2020 comparedto current trends, and it has backed this with a pledgeof about US$9 billion. Furthermore, Indonesia hasindicated its willingness to further reduce emissions byup to 41 per cent if it receives international support.China is reducing "energy intensity" by 20 per cent(equivalent to 1.5 gigatons CO2 emissions) over the five-year period ending this year. China also recently announced its intention to consider a domestic carbon trading scheme that will provide a market mechanism for entities within the country to meet their future emission reduction obligations.And the Maldives last year famously declared its intentionASIA FIGHTS FOR LOW-CARBON FUTUREREGIONAL 050PERSPECTIVESHARUHIKO KURODA, PRESIDENT, ASIAN DEVELOPMENT BANK (ADB)I