ADB to Support Finance Ministers with New ASEAN Climate Finance Platform

ADB to Support Finance Ministers with New ASEAN Climate Finance Platform

by April 8, 2024

The Asian Development Bank (ADB) is set to introduce an ASEAN Climate Finance Policy Platform, aimed at aiding finance ministers in Southeast Asia to collectively tackle climate change.

Masatsugu Asakawa

Masatsugu Asakawa

This announcement was made by ADB President Masatsugu Asakawa, highlighting the urgent need for regional action on climate issues.

He added,

“Climate change is the most urgent issue facing Southeast Asia. This platform will strengthen economic and fiscal policies for climate action in the region.”

His remarks came during the High-Level Policy Dialogue at the ASEAN Finance Ministers meeting, which focuses on enhancing finance ministries’ role in climate action across Southeast Asia.

The event took place on the fringes of the 11th ASEAN Finance Ministers and Central Bank Governors’ Meeting.

As ASEAN nations increasingly incorporate climate risks into their financial planning and investment strategies, the significance of finance ministries in navigating climate fiscal challenges and securing climate finance is growing.

The forthcoming platform is expected to foster greater collaboration and knowledge sharing among these ministries, aiding in the development of capacity, experience, and evidence-based policy-making. The ADB will also provide technical support for this initiative.

The dialogue featured several key finance officials, including Lao Finance Minister Santiphab Phomvihane, Malaysian Finance Minister II Amir Hamzah Azizan, and Indonesian Vice Minister of Finance Suahasil Nazara.