Transitioning Equitably Towards Sustainability: 2023 Insight Report Reveals Strategies for Unlocking Funds

Unlocking Capital for Sustainability 2023: Charting a Path for Asia's Clean Energy Transition

Unlocking Capital for Sustainability 2023, the annual flagship event on sustainable finance for the Asia Pacific region, took place in the Philippines, Indonesia, and Malaysia over August and September. This year's event, organised in partnership with the United Nations Environment Programme (UNEP), brought together high-level decision-makers in finance, business, government, and civic society to discuss financing structures and partnerships for Asia's shift to clean energy.

The focus of Unlocking Capital for Sustainability 2023 was on discussing the types of financing structures and partnerships needed for Asia's transition to clean energy. The event aimed to spotlight key mechanisms that will unlock capital for Asia's transition, and to outline the frameworks needed to make finance an effective tool for hard-to-abate sectors.

A just transition to minimise economic hardship for communities and workers was another topic of discussion at Unlocking Capital for Sustainability 2023. The need to prevent a just transition from being used as an excuse to delay ambitious climate action was emphasised.

The Singapore summit, held on 27th and 28th September 2023, was a significant part of the event. The summit was held in the run-up to the COP28 UNFCCC climate change meeting in November 2023 in Dubai, United Arab Emirates. The Singapore summit was also held alongside the UN General Assembly Week.

The Asian Investor Group of Climate Change (AIGCC) states that Asia's net-zero transition requires between US$26 trillion and US$37 trillion in investments over the next three decades to meet the Paris Agreement targets. However, the trillion-dollar climate financing gap in Asia is becoming increasingly elusive due to volatile global macroeconomic conditions and geopolitical ruptures.

Unlocking Capital for Sustainability 2023 aimed to hasten Asia's shift to clean energy while ensuring a just transition. The event focused on discussing and committing to actionable initiatives that mobilise the capital markets for sustainable development.

In conclusion, Unlocking Capital for Sustainability 2023 was a crucial event in the fight against climate change, providing a platform for leaders and decision-makers to discuss and commit to actionable initiatives that will help Asia transition to clean energy while ensuring a just transition for all. The event serves as a stepping stone towards a more sustainable future for the Asia Pacific region.