As a part of the primary ASEAN Finance Ministers and Central Financial institution Governors’ Assembly (AFMGM) 2023 in Bali on March 30, Indonesia organised a high-level seminar themed “Aligning Insurance policies for Local weather Transition” to assist the message of sustainable improvement, one of many ASEAN precedence financial deliverables (PED) this 12 months.
|Illustrative picture (Picture supply: Antara)|
Jakarta – As a part of the primary ASEAN Finance Ministers and Central Financial institution Governors’ Assembly (AFMGM) 2023 in Bali on March 30, Indonesia organised a high-level seminar themed “Aligning Insurance policies for Local weather Transition” to assist the message of sustainable improvement, one of many ASEAN precedence financial deliverables (PED) this 12 months.
Talking on the occasion, Governor of Financial institution Indonesia (BI) Perry Warjiyo mentioned central banks play a vital function in constructing a framework for inexperienced finance transformation, highlighting transparency and sustainability, in addition to growing insurance policies and mechanisms in direction of the aim of attaining internet zero emissions to mitigate local weather change.
He careworn that the ASEAN international locations want technical assist within the inexperienced transition course of, by which the function of central banks is just not solely to advertise but in addition perform inexperienced finance, particularly by means of financing the transition.
Delegates on the occasion mentioned expertise from worldwide organisations in selling sustainable finance.
In accordance with the United Nations Improvement Programme, local weather transition financing for growing international locations requires a transparent framework to make sure constant insurance policies and encourage the non-public sector to interact in.
Statistics confirmed that the worth of sustainable finance transactions within the ASEAN international locations reached solely 82 billion USD final 12 months, a lot decrease than the potential.
To optimise this potential, the regional international locations have been suggested to develop revolutionary monetary merchandise and instruments, challenge beneficial rules and insurance policies, enhance info transparency, mobilise worldwide coordination, and handle dangers and insurance policies.
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The Asian Improvement Financial institution (ADB) and ASEAN Catalytic Inexperienced Finance Facility collectively held the Southeast Asia Improvement Symposium themed “Imagining a net-zero ASEAN” in Indonesia’s Bali on March 30.