ADB’s SEADS 2023 Symposium Highlights the Importance of Sustainable Financing in Realizing ‘Net Zero Emissions’ in Southeast Asia.
As a region that plays a critical role in achieving net zero emissions, Southeast Asia faces numerous challenges in financing sustainable energy. Issues such as limited access to capital markets, lack of energy mobilization, policy papers, and mechanisms to transform sustainable energy programs in line with funding from market fund actors have been identified.
RELEVANT SUSTAINABLE GOALS
ADB’s SEADS SYMPOSIUM 2023
During the Asian Development Bank’s (ADB) Southeast Asia Development Symposium 2023 in Nusa Dua, Finance Minister Sri Mulyani emphasized the importance of sustainable financing for the region. ASEAN is the fastest-growing region due to its vast territory, and it holds a crucial role in reducing the impact of climate change.
The use of fossil fuels is widespread across many Asian countries, and their contribution to the ASEAN economy is significant. Transforming this into sustainable energy will require significant effort. To achieve long-term targets, a global financing investment of $27 billion per year is necessary. However, the global financing for renewable energy from 2016-2021 only reached $8 billion per year.
Minister Sri Mulyani hopes that financial institutions can support green financing to meet the next challenge, which is attracting global investments into sectors and programs that can reduce emissions towards net zero.
Several Southeast Asian countries have committed to a net zero future. Nine out of ten ASEAN member states at the COP26 climate conference in Glasgow pledged to achieve net zero targets by 2050.
The SEADS 2023 symposium by the Asian Development Bank, “Imagining a Net Zero ASEAN,” will bring together thought leaders, decision-makers, and climate advocates from government, industry, academia, and development sectors to discuss innovative solutions that can help countries focus on becoming net-zero economies and recover from the COVID-19 crisis.
SEADS 2023 also examined how the region can adopt new environmentally-friendly, innovative, and cost-effective approaches, adopt new technological solutions, accelerate funding availability, and implement other effective measures to support decarbonization in various sectors while revitalizing the economy.
Several Southeast Asian countries have committed to a net zero future. Nine out of ten ASEAN member states at the COP26 climate conference in Glasgow pledged to achieve net zero targets by 2050.
The SEADS 2023 symposium by the Asian Development Bank, “Imagining a Net Zero ASEAN,” will bring together thought leaders, decision-makers, and climate advocates from government, industry, academia, and development sectors to discuss innovative solutions that can help countries focus on becoming net-zero economies and recover from the COVID-19 crisis.
SEADS 2023 also examined how the region can adopt new environmentally-friendly, innovative, and cost-effective approaches, adopt new technological solutions, accelerate funding availability, and implement other effective measures to support decarbonization in various sectors while revitalizing the economy.
A gathering of great minds, including government officials and climate advocates, will explore innovative solutions for creating a net-zero economy and restoring the region from the impacts of COVID-19. From financing strategies to cutting-edge technology, and from resilient cities to global value chains, every aspect is integral to realizing a net-zero ASEAN, including equitable access to clean energy and ensuring that the most vulnerable benefit from this future.
SEADS was created to sow the seeds of growth to help the member countries of the Asian Development Bank become high-income, knowledge-based, and sustainable economies.
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