ADB announces ASEAN Climate Finance Policy Platform to spearhead regional climate action

Representative image. Credit: Canva

The Asian Development Bank (ADB) is to establish a pioneering ASEAN Climate Finance Policy Platform aimed at promoting the fight against climate change in Southeast Asia. Announced by ADB President Masatsuku Asagawa, the initiative seeks to empower heads of finance ministries in the ASEAN region to promote joint climate action initiatives.

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During the opening session of a high-level policy dialogue on the sidelines of the 11th ASEAN Finance Ministers and Central Bank Governors Meeting, Asakawa highlighted the critical urgency of climate change issues in Southeast Asia. He stressed that the newly proposed platform will play a key role in strengthening economic and financial strategies to combat climate challenges in the region.

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The announcement comes at a time when a growing number of Southeast Asian countries are realizing the importance of incorporating climate risks into their public investment and financial planning. Finance ministries, in particular, are gaining importance for their role in managing climate-related financial risks and steering the mobilization of climate finance.

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Designed to foster collaboration and knowledge exchange among finance ministries, the platform aims to facilitate sharing of experiences, capacity building and evidence-based policy actions in the context of climate vulnerability. The initiative will benefit from technical support from ADB.

The policy dialogue that set the stage for the announcement was hosted by Lao Finance Minister Shantibab Bomvihane, with contributions from Malaysian Finance Minister II Amir Hamzah Ajisan and Indonesian Deputy Finance Minister Suhasil Nasara. Asagawa is scheduled to participate in the International Financial Institutions Meeting of ASEAN Finance Ministers and Central Bank Governors on April 5.

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Through this initiative, ADB reaffirms its commitment to developing a prosperous, inclusive, resilient and sustainable Asia-Pacific region while continuing its long-standing mission to eradicate extreme poverty. Established in 1966 and comprising 68 members, the Bank, with 49 members from the region, continues to be at the forefront of addressing the pressing challenges facing Asia and the Pacific.

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