The Asian Development Bank (ADB) is to carry out a comprehensive study on the economics of climate change in Northeast Asia, Manila-based ADB said in a press release on Monday.

The study's aim is to help regional and country-level decision makers address the issue of climate change and to develop low- carbon growth strategies in their countries and the region, the ADB said.

The study, Economics of Climate Change and Low Carbon Growth Strategies in Northeast Asia, is being financed by a technical assistance grant of 1 million U.S. dollars from ADB, and 800,000 U. S. dollars of grant from the Government of the Republic of Korea. It will cover four countries - China, Japan, Republic of Korea and Mongolia.

"The purpose of this assistance is to raise awareness about the urgency of climate change challenges in the region," said Tae Yong Jung, study team leader and Senior Climate Change Specialist in ADB's East Asia Department.

"It will contribute to the regional debate on the economic costs and benefits of unilateral and regional actions on mitigation and adaptation, and indirectly support government and private sector actions in the region that foster green growth and low-carbon growth strategies," he said.

The study will provide the region's policymakers with the latest information on mitigation and adaptation strategies, and suggest policy responses to cope with and counter future climate change impacts.

It will also complement parallel climate change studies being carried out by ADB in South Asia and Pacific developing member countries, as well as draw on findings from ongoing and planned climate change initiatives in participating countries.

ADB is the executing agency for the project, which is set to run for 24 months, ending in November 2011.