BAKU, Azerbaijan, May 4. It is time to reduce emissions associated with the global value chain, ADB President Masatsugu Asakawa said during the opening ceremony of the ADB Board of Governors meeting in Tbilisi, TurkicWorld reports.
"Our presence in this room demonstrates how deeply interconnected our world is. We should celebrate this. We should also build on these connections to build a greener and more open economy. It might be easy to look back at the pandemic or the current geopolitical tensions and conflicts and conclude that globalization is dead. I don't believe that," he said.
Asakawa noted that it is true that global trade and supply chains are vulnerable to shocks.
"But the answer cannot be protectionism and segmentation. Free trade and free movement of capital have benefited our region for decades, and this must be a step forward. So let's look at how to deepen regional cooperation to improve supply chain resilience, promote cross-border trade, encourage private sector investment, and strengthen financial and tax cooperation," he said.
Asakawa also stressed the importance of finding ways to decarbonize global supply chains.
"Trade-related activities account for up to 30 percent of global carbon emissions. The uncomfortable truth is that, amid strong economic growth in Asia, our contribution to greenhouse gas emissions is rising. Now is the time to act to reduce global value chain emissions for a more sustainable future," he said.
