ADB set to launch ASEAN Climate Finance Policy Platform

To support and prepare Southeast Asian countries in their battle against climate change, the Asian Development Bank (ADB) has announced plans to launch an ASEAN Climate Finance Policy Platform.

The announcement was made by Masatsugu Asakawa, President of ADB on Wednesday (April 3) while speaking at the two-day high-level policy dialogue at the 11th ASEAN Finance Ministers' and Central Bank Governors' Meeting (AFMGM). The dialogue discussed the role of ministries of finance in ASEAN countries in enhancing climate action in Southeast Asia.

"Climate change is the most urgent issue facing Southeast Asia," Mr. Asakawa said. "This platform will strengthen economic and fiscal policies for climate action in the region," Asakawa said.

The ASEAN Climate Finance Policy platform is expected to enhance collaboration and exchange across finance ministries and support countries in sharing experience, building capacity, and strengthening evidence-based policies.

ADB noted that it will provide technical assistance to the new platform.

"Increasing numbers of ASEAN countries are integrating climate risks into public investment and financial management, with the role of finance ministries becoming increasingly pivotal in addressing climate-related fiscal risks and mobilizing climate finance," ADB stated.