Necessary unification and collaboration are critical for fostering sustainable progress and combating divisive international politics
In the heart of Kuala Lumpur on the 28th of July, the "Unlocking Capital for Sustainability" conference took center stage. The guest-of-honour, Dato' Sri Haji Fadillah bin Haji Yusof, Deputy Prime Minister of Malaysia, graced the event. The conference, organised by a media and advisory platform dedicated to sustainable development, in partnership with United Nations Environmental Programme Finance Initiative (UNEP FI), and supported by Capital Markets Malaysia and AmBank Group, aimed to address critical issues such as geopolitics, transition finance, artificial intelligence, energy transition, and climate adaptation and resilience.
The conference was not a one-off event. It is set to travel to Manila, Bangkok, and Singapore in 2022, underscoring the region's commitment to sustainable development. In Kuala Lumpur, the conference hosted an exclusive training workshop, "Unlocking strategic value through climate disclosures," on the 29th of July.
ASEAN member states are grappling with a significant challenge: a US$1.5 trillion deficit to fund net-zero targets by 2040. To bridge this gap, ASEAN is focusing on sustainable finance frameworks, advancing regional energy integration, and enhancing climate adaptation measures.
One such framework is the Mitigation, Adaptation, Resilience and Sustainable Finance (MARS) Framework, currently in development. This framework aims to improve the usability of the ASEAN Taxonomy for Sustainable Finance, a common standard that helps unlock private capital for green investments. Strengthening financial ecosystems and regulatory frameworks across member states can make climate-related investments more attractive and accessible.
ASEAN also aims to advance an integrated power grid across member states, which would facilitate decarbonization and efficient use of clean energy sources regionally. Such integration can reduce energy costs, enhance grid stability, and accelerate climate goals.
Coordinated adaptation strategies are being emphasized to build resilience against climate impacts. Developing frameworks like MARS also supports adaptation finance, while regional cooperation encourages sharing best practices and resources to manage climate risks effectively.
Malaysia is spearheading efforts to launch the ASEAN Common Carbon Framework, further demonstrating the region's commitment to sustainable development. Sustainable finance and accessible green energy are considered "strategic enablers" of investment and innovation.
In conclusion, ASEAN countries are encouraged to work closely together by harmonizing policies, mobilizing shared investments, and scaling regional infrastructure projects. This collaborative approach strategically aligns financial innovation with clean energy deployment and climate resilience to meet net-zero and 2030 SDG targets inclusively and effectively. The "Unlocking Capital for Sustainability" conference is a testament to this collective commitment.
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- The conference, focusing on energy transition, climate adaptation, and net zero targets, underscores the region's commitment to sustainable development and the SDGs.
- To finance net-zero targets, ASEAN is emphasizing sustainable finance frameworks, renewable energy, and technology to bridge the US$1.5 trillion deficit.
- The MARS Framework, aiming to improve the usability of the ASEAN Taxonomy for Sustainable Finance, is a key initiative in this regard.
- Advancing regional energy integration, like the integrated power grid across ASEAN member states, is crucial for facilitating decarbonization and efficient use of clean energy sources.
- Corporate responsibility and personal-finance can play significant roles in contributing to clean energy, climate adaptation, and sustainability through investing in relevant businesses and lifestyle choices.
- The conference, in partnership with UNEP FI, is also promoting education and self-development on topics like climate change, finance, and technology to foster a sustainable and resilient future.
- Climate change is impacting ASEAN member states, requiring coordinated adaptation strategies to build resilience in the face of those impacts.
- Sustainable business practices, promoting clean energy and climate resilience, can lead to competitive advantages, making them crucial in the entertainment and sports industries.
- Biodiversity conservation is another critical aspect of sustainability that ASEAN member states should consider in their climate adaptation measures and investment strategies.
- The "Unlocking Capital for Sustainability" conference serves as a platform for discussing these issues, fostering collaboration, and encouraging action towards a sustainable and carbon-neutral future.
