New Delhi, Apr 5 (KNN) In a significant move to combat climate change in Southeast Asia, the Asian Development Bank (ADB) announced plans to launch the ASEAN Climate Finance Policy Platform, on Wednesday.

This initiative aims to support finance ministry leaders in the ASEAN region in advancing collective action against the pressing issue of climate change.

ADB President Masatsugu Asakawa emphasised the urgency of addressing climate change in Southeast Asia, stating, “Climate change is the most urgent issue facing Southeast Asia. This platform will strengthen economic and fiscal policies for climate action in the region.”

The announcement was made during the opening of the High-Level Policy Dialogue of the ASEAN Finance Ministers, “Enhancing the Role of Ministries of Finance for Climate Action in Southeast Asia,” held on the sidelines of the 11th ASEAN Finance Ministers and Central Bank Governors' Meeting.

An increasing number of ASEAN countries are integrating climate risks into their public investment and financial management strategies, with finance ministries playing a pivotal role in addressing climate-related fiscal risks and mobilising climate finance.

The new platform will foster collaboration and knowledge exchange among finance ministries in the region, enabling them to share experiences, build capacity, and strengthen evidence-based policies related to climate action.

The platform will receive technical assistance from ADB to support its operations.

The High-Level Policy Dialogue was hosted by Lao Minister of Finance Santiphab Phomvihane, with the participation of Malaysian Minister of Finance II Amir Hamzah Azizan and Indonesian Vice Minister of Finance Suahasil Nazara.

On April 5th, Asakawa will join the ASEAN Finance Ministers and Central Bank Governors' International Financial Institutions Meeting.

ADB remains committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific region, while continuing its efforts to eradicate extreme poverty. Established in 1966, the ADB is owned by 68 members, with 49 from the Asia-Pacific region.

(KNN Bureau)