According to recent estimates, the world will need between $4 trillion and $6 trillion per year to transition to a low-carbon economy and net zero emissions, with developing countries’ financing gap estimated at close to $6 trillion for the period 2023-2030. To deliver such ambitious financing, there is an increased recognition by governments, regulators and private finance entities to systemically transform policies, regulations, and financial systems.
The 2023 edition of ESCAP’s Financing for Development Series, “Sustainable Finance: Bridging the Gap in Asia and the Pacific,” discusses the choices and consequences that policymakers, regulators, and private finance entities in the Asia Pacific region face, regarding the long and short-term benefits, costs, returns, approaches to a just transition, and the integration of climate change ambitions with other socio-economic objectives. The report concludes by presenting 10 principles for action for the region to accelerate finance towards climate action. The aim of the report is to spur a robust and informed debate amongst member States, facilitate consensus on key measures to move the region towards sustainability, and bring greater clarity regarding the benefits and consequences of these policy and financing choices.
The Macroeconomic Policy and Financing for Development Division of ESCAP and the Ministry of Foreign Affairs of Thailand have jointly organized a dialogue to launch this report and discuss its main findings with members of the Advisory Committee of Permanent Representatives and Other Representatives Designated by Members of the Commission (ESCAP-ACPR). To facilitate an open and candid discussion of the issues highlighted in this report, the meeting is closed-door and will follow Chatham House rules. Distinguished representatives of countries are welcome to invite one or more officials from the capital with responsibilities or expertise in sustainable finance to connect online. While the report will be released to the public at ESCAP’s web site on the same day of the policy dialogue, participants of the policy dialogue will receive an embargoed version of the full report by 8 September 2023 to have sufficient time to prepare for the policy dialogue.
The main objectives of this policy dialogue are:
- To present the main findings and messages of the report with the members of the ACPR and with officials from their capitals that they wish to invite;
- To share country-specific experiences with all participants, including challenges and emerging opportunities, in enhancing access to sustainable finance;
- To discuss the 10 principles of action, including their relevance and suitability for Asia-Pacific countries;
- To discuss how pertinent ESCAP platforms could further support its member States in implementing some of the recommendations of the report, including through technical assistance and capacity building activities.
 Chatham House Rule, https://www.chathamhouse.org/about-us/chatham-house-rule