Southeast Asian countries consider ways to boost 'green financing' as region chokes on smog
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Senior finance and central bank officials from Southeast Asia and major economies met in Luang Prabang, Laos to discuss ways to build resilience against shocks like the COVID-19 pandemic and natural disasters caused by climate change. The meeting included discussions on green finance, an ASEAN infrastructure fund, disaster risk financing and insurance, and refining a 'taxonomy' to identify projects that support ASEAN's sustainability agenda. ASEAN countries, including Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam, have committed to cutting carbon emissions but struggle to find ways to make the transition. The region is vulnerable to extreme weather, drought, and rising sea levels, and estimates suggest that investments in clean energy need to increase by five to seven times, to more than $200 billion a year. Laos, a landlocked country with a shrinking economy, is rich in hydroelectric power but faces challenges in reducing crop burning and tackling regional issues like human trafficking and the illicit drug trade. The country is also focused on integrating itself into the wider regional economy and has deepened ties with China through infrastructure projects like the $6 billion high-speed railway. The finance meetings in Luang Prabang were attended by senior officials from international financial institutions, as well as delegates from Japan, China, the U.S., and other major economies. U.S. Treasury Secretary Janet Yellen did not attend the talks but traveled to China for meetings with American business leaders and Chinese officials. The region is experiencing rivalries for influence, as highlighted by the visits of Indonesia's President-elect Prabowo Subianto and the foreign ministers of Vietnam, Laos, and East-Timor to Beijing.
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