The 40th annual meeting of the Asian Development Bank (ADB) curtained up on Friday morning in the Japanese ancient capital of Kyoto to discuss a wide range of issues.

Attended the meeting are finance ministers of ADB member economies, senior government officials, economic and financial experts and representatives of international organizations.

Environmental issues are to be highlighted at the Manila-based institution's annual event through Monday, said ADB President Haruhiko Kuroda earlier in the day.

"Being in Kyoto 10 years after the adoption of the Kyoto Protocol, it is appropriate this year to have a special focus on energy and the environment, particularly with relation to climate change," Kuroda said at a press conference.

The president said that during the annual event the ADB will be showcasing a number of initiatives under its Clean Energy Financing Partnership Facility, which will help developing Asian countries move toward the adoption of cleaner energy sources and technologies.

Sources indicated that the ADB may also use the opportunity to promote efforts to craft a new global framework aimed at curbing global warming in specific greenhouse emissions, after the 1997 Kyoto Protocol expires in 2012.

Other topics related with ensuring sustainable economic growth in the Asia-Pacific region, such as market challenges, economic integration, clean energy, private capital flows and poverty alleviation will also be discussed.

The Asia-Pacific region has achieved impressive growth rates and made substantial headway in reducing poverty. However, Asia still remains home to two thirds of the world's poor and this is something we must not lose sight of, Kuroda said.

"Development challenges are emerging, such as rising inequalities and increased pressure on the environment," said the president, adding that despite much progress, the gap between the rich and the poor is widening with hundreds of millions still living in poverty.

Kuroda said the ADB will continue to use the Asian Development Fund, its concessional lending window, to support its developing members to attain the Millennium Development Goals.

During the four-day meeting at the Kyoto International Conference Center, ADB's Board of Governors, the institution's highest policy-making body, will convene on Sunday and Monday to review the bank's past performance on administrative, financial and operational aspects and approve reform plans and make new strategies and policy guidance to better contribute to the region's growth in coming years.

A series of official and sponsored seminars, forums and member economies' presentations have been and will be held during the meeting.

On the sidelines of the annual event, finance ministers of the Association of Southeast Asian Nations (ASEAN) member states as well as China, Japan and South Korea (ASEAN-plus-3) will gather for their 10th meeting on Saturday afternoon to discuss ways to further advance financial cooperation.

Finance ministers from China, Japan and South Korea held their 7th meeting on Friday afternoon, pledging to strengthen cooperation on trade and finance.

The three ministers are Jin Renqing of China, Koji Omi of Japan and Kwon O-kyu of South Korea.

Source: Xinhua