UN Launches 10 Principles to Close Asia Pacific Sustainable Finance Gap

Context:

• The UN ESCAP report proposes 10 principles to boost financing for critical Sustainable Development Goals, focusing on climate action for the Asia Pacific region.

2023 Edition of ESCAP’s 

• Report Titled: Sustainable Finance: Bridging the Gap in Asia Pacific.
• Aim: To guide policymakers, regulators, and private finance in effectively mobilizing and deploying funds.

What are the Key Takeaways from the United Nations ESCAP Report on Sustainable Finance in Asia Pacific?

• Principles for Mobilizing Climate Finance: The report presents 10 principles to mobilize and deploy financing for UN-mandated Sustainable Development Goals, particularly focusing on climate action.
• Key Principles for Action
  • Developing new climate finance partnerships 
  • Developing effective NDC financing strategies
  • Developing policy coherence and capacities across key government ministries
  • Taking decisive regulatory action to shift capital in the Asia Pacific towards the Net Zero transition
  • Driving investment in the capacities of financial personnel
  • Driving investment in much-needed sectoral and project-based financial data is undertaken
  • Committing to Net Zero pledges for 2050 with credible transition pathways and including 2030 goals
  • Increasing local-currency financing of energy transition projects as well as green technologies and other net-zero investments
  • Expanding and accelerating concessional financing and risk-sharing by multilateral development banks, bilateral development financial institutions, and public development banks
  • Increasing investment of time and effort with partners in project preparation
• Financial Needs and Reporting
  • Only 17 of the 51 Asia-Pacific countries party to the UN Framework Convention on Climate Change have assessed and reported their financial needs to meet their Nationally Determined Contributions.
• Economic Losses: Average economic losses in the region from disaster-related and other natural hazards are expected to rise to $1.1 trillion in a moderate climate-change scenario and $1.4 trillion in a worst-case scenario.

News Source: DTE

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