Southeast Asia urgently needs about USD200bn annually until 2030 to progress its green transformation. This statement was made by Satvinder Singh, the Deputy Secretary-General of the Asean Economic Community, during UOB's conference in Jakarta. Singh highlighted that Asean nations have agreed on a carbon-neutral initiative aimed at propelling the region to a low-carbon future. Successful implementation could add a staggering USD5.3tr to Asean’s economy and potentially create 66 million new jobs. Currently, green loans account for 22.5% of the total loans in the region, with green finance flows at USD63bn per year, significantly below the needed USD200bn. Singh emphasised the necessity to enhance sustainable financing efforts, which would subsequently allow access to global funds.
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