As Cambodia assumes the chairmanship of the Association of Southeast Asian Nations (Asean) this year, its government is calling for more international support for emerging economies in the region, as these countries revamp their energy systems to fulfill Asean’s pledge of transitioning to clean renewables.
At a summit organised by the EU-Asean Business Council, Cambodia’s deputy prime minister and minister for finance and economy Aun Pornmoniroth highlighted “overwhelming financing needs” in the region’s low income and developing economies. Emerging markets in Asean are facing problems brought about by limited fiscal resources, after deploying substantial stimulus and expansionary policy measures in their fight against Covid-19, he said.
“The pandemic has set back Asean’s hard-earned progress in its advance towards the Sustainable Development Goals (SDGs). There is a massive green financing shortfall for developing economies right now, and investing in sustainable and resilience development might not be feasible for them without close cooperation and support from developed countries,” said Pornmoniroth in his keynote address.