During the second Asia-Pacific Regional Session on UN Science-Policy, global and regional leaders from high-level industries and financial institutions, government officials, scientists and civil society representatives explored the need for policy coordination and creating opportunities for sustainable development in the Asia-Pacific. -Business Forum (UN-SPBF).
The eight-hour meeting focused on financing equitable green growth in a changing environment, the economic and social impact of climate risk for companies, sustainable infrastructure for an equitable and resilient future, and the future of energy transitions. Participants discussed digital infrastructure and transformation, foundations for circular economy infrastructure and value-based development cooperation and its role in building sustainable infrastructure.
In the main news that came out of the meeting, Earth Negotiations Bulletin (ENB) Summary report Highlighting the huge potential for green investment in the Asia-Pacific region, particularly in renewables, mobility, circular economy and all aspects of energy transition, but also related to recycling and waste management. Other important news include:
- Increasing private investment in sustainable infrastructure requires high legal and regulatory coherence and clarity across countries, achieved through both incentives and regulations, and characterized by long-term thinking and short-term goals;
- A clear taxonomy around green finance is needed to increase the quality of data and increase investment in sustainable infrastructure;
- Granular-level data that countries, organizations and businesses can use to measure performance and impacts is critical and policy-oriented, access financial support and build investor confidence, particularly for Small Island Developing States (SIDS) and Least Developed Countries (LDCs);
- Green transition requires intensive collaboration, and partnerships are critical to addressing financial risk;
- Institutional capacity and the rule of law are critical to foreign investment and successful public-private partnerships (PPPs); And
- Given the impact of climate and other environmental risks, sustainability is critical for the private sector, and businesses must „go beyond government policies and pursue their own goals and objectives.”
The Second Regional Session of the UN-SPBF for the Asia and Pacific Region (AP-SPBF) convened on 3 October 2023 in Colombo, Sri Lanka. The meeting was held in conjunction with the Fifth Forum of Ministers and Environment Officials of Asia. Pacific [ENB Coverage of Second Regional Session of the UN-SPBF for Asia and the Pacific Region]