The Asian Development Bank (ADB) is set to establish a pioneering ASEAN Climate Finance Policy Platform aimed at bolstering the fight against climate change in Southeast Asia. Announced by ADB President Masatsugu Asakawa, the initiative seeks to empower finance ministry leaders within the ASEAN region to enhance collective climate action efforts.
During the inaugural session of the High-Level Policy Dialogue on the margins of the 11th ASEAN Finance Ministers and Central Bank Governors’ Meeting, Asakawa highlighted the critical urgency of climate change issues in Southeast Asia. He emphasized that the newly proposed platform would play a crucial role in reinforcing economic and fiscal strategies to combat climate challenges in the area.
This announcement comes at a time when an increasing number of Southeast Asian nations are recognizing the importance of incorporating climate risks into their public investment and financial planning. The finance ministries, in particular, are gaining prominence for their role in navigating climate-related fiscal risks and steering the mobilization of climate finance.
Designed to foster cooperation and knowledge exchange among finance ministries, the platform aims to facilitate the sharing of experiences, enhancement of capacities, and development of evidence-based policy measures against the backdrop of climate adversity. The initiative will benefit from technical support provided by the ADB.
The policy dialogue, which set the stage for this announcement, was hosted by Lao Finance Minister Santiphab Phomvihane, with contributions from Malaysian Finance Minister II Amir Hamzah Azizan and Indonesian Vice Minister of Finance Suahasil Nazara. Asakawa is also slated to participate in the ASEAN Finance Ministers and Central Bank Governors’ International Financial Institutions Meeting on April 5.
Through this endeavor, the ADB reiterates its commitment to fostering a prosperous, inclusive, resilient, and sustainable Asia-Pacific region, while continuing its longstanding mission to eliminate extreme poverty. The bank, established in 1966 and comprising 68 members, with 49 from within the region, continues to be at the forefront of addressing the pressing challenges facing Asia and the Pacific.
Discover more from SolarQuarter
Subscribe to get the latest posts sent to your email.
 and its efforts to combat climate change in Southeast Asia.){kind=link}