Time of event
14:00–15:30 (Manila time)
Workshop Summary
The latest Intergovernmental Panel on Climate Change report notes the importance of mobilizing green finance for limiting global warming to 1.5 degrees Celsius to prevent catastrophic climate change. Fully implementing the Paris Agreement to meet this climate target will require $1.5 trillion in green financing annually through 2030, according to the United Nations Framework Convention on Climate Change. Raising green finance is also key to meeting Asia’s surging energy demand fueled by economic growth, population growth, and enhanced energy access.
A major shift in investment patterns will be needed to galvanize green finance in the region, which is a growing focus of government policies. Increasingly, new measures supporting green finance are being implemented in Asia, such as green bond standards, green bond grant schemes, green loans, sustainability disclosures, and reporting requirements.
ADBI, USAID, and the Korea Energy Agency co-hosted the Virtual Deep Dive Workshop on Green Finance Policies in Asia, in conjunction with the Asia Clean Energy Forum 2020. The virtual workshop examined current and potential approaches for scaling up green finance in Asia, complementing the forum’s plenary and thematic track technical sessions and encouraging high-level policy dialogue.
Objectives
- Enhance knowledge and awareness of government officials on the challenges and opportunities of green finance
- Exchange information on green finance policies and case studies from Asian countries
- Create a platform for government officials and researchers to exchange views, lessons learned, and policy recommendations to scale up green finance in Asia
Participants
- Government officials from Asian Development Bank developing member countries, as well as green finance experts from think tanks, academia, and international organizations
Output
- Deepened understanding of green finance policies in Asia
- Enhanced dialogue, trust, and partnership among government officials and experts on key issues related to green finance, promoting stronger regional cooperation
- Improved knowledge through the sharing of best practices and research outcomes on how to design effective policies for scaling up green finance in Asia
Partner
- Asian Development Bank (ADB)
- USAID
- Korea Energy Agency