Southeast Asian countries consider ways to boost 'green financing' as region chokes on smog

A farmer tends their fields in stifling temperatures as surrounding hills are choked by smoke from field and hill fires across the region, Thursday, April 4, 2024, in Luang Prabang, Laos. Financial officials of the Association of Southeast Asian Nations were meeting in the city to discuss ways to secure financing to help shift to more sustainable and less polluting agriculture and energy.

Also on the list, refining a “taxonomy” to help identify and agree on projects that support ASEAN’s sustainability agenda and align with its climate change commitments and other goals. A landlocked country of about 7.5 million people, Laos is rich in hydroelectric power, but its economy has been shrinking in recent years and its national finances are fraught — strained by a heavy load of foreign and domestic debt, a weakening currency and inflation.

Along with regional financial leaders, senior officials of major international financial institutions like the International Monetary Fund and Asian Development Bank, along with delegates from Japan, China, the U.S. and other major economies, are attending the talks in Luang Prabang.

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Southeast Asian countries consider ways to boost 'green financing' as region chokes on smogSenior finance and central bank officials from Southeast Asia and major economies are meeting in the scenic Laotian city of Luang Prabang to discuss ways to help the region build resilience against shocks like the COVID-19 pandemic and natural disasters brought on by climate change.
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