Asean launches $1-billion initiative for green projects

Economy April 05, 2019 14:37

By The Nation

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Southeast Asian governments, the Asian Development Bank (ADB), and major development financiers have launched a new $1 billion (Bt32 billion) initiative to spur green infrastructure investments across Southeast Asia.



 

 

The launch ceremony was witnessed by Thailand’s Minister of Finance  Apisak Tantivorawong and ADB President Takehiko Nakao. Senior officials from the Association of Southeast Asian Nations (Asean) and private sector partners joined the ceremony, according to an ADB press statement issued on Thursday at Asean Finance Ministers’ Meeting in Chiang Rai, north of Thailand.

ADB previously warned that if climate change was not addressed it could reduce the region's gross domestic product by 11 per cent by the end of the century.

Meanwhile, Hong Kong and Shanghai Banking Corporation (HSBC) on Friday suggested Asean should attract private financing for sustainablility linked infrastructure development in Asean. 

The HSBC called for an annual “Doing Sustainable Infrastructure Report”  saying that to date, there is no single, standardised, validated and dedicated report that governments, international organisations, development banks and the private sector can rely on to evaluate progress and identify opportunities for further improvement in the Asean region.