ASEAN launches $1 billion investment for green projects

South East Asian governments, the Asian Development Bank and major development financiers have launched a new US$1 billion (32 billion baht) initiative to spur green infrastructure investments across the region.

The launch ceremony was witnessed by Thailand’s Minister of Finance Apisak Tantivorawong and ADB President Takehiko Nakao. Senior officials from ASEAN and private sector partners also joined the ceremony.

ADB previously warned that if climate change was not addressed the related problems could reduce the region’s GDP by 11% by the end of the century.

Meanwhile, Hong Kong and Shanghai Banking Corporation have 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.

ASEAN launches $1 billion investment for green projects | News by Thaiger

SOURCE: The Nation

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