While dealing with the COVID-19 pandemic, the issue of how to combine economic stimulus recovery with green energy transition becomes an important topic for sustainable development in the post COVID-19 era. Among various actions, green recovery plans and carbon neutrality targets are given high priority. At the core of climate neutrality is the commitment to increasing renewable energy use and decreasing fossil energy consumption, which has proven effective in creating synergistic environmental, social, and economic co-benefits. Consequently, these plans and targets will lead to a net-zero-emission society and help us to achieve sustainable development goals (SDGs).
Against this background, we organized this panel session to discuss the issues of how to design effective climate policy and sustainable energy systems to achieve green and low-carbon economic recovery, and how to stimulate international collaboration for green recovery in Asia.
Prof. Tatsuto Yukihara, Nagoya University, Japan & Malardalen University, Sweden
Scene Setter Talk:
The Role of Design Grant Funding to Accelerate Capital Mobilization into Climate Action
Presenter: Robert van Zwieten Managing, Director, Asia-Pacific Convergence Blended Finance
- Financing Green Energy in a Post-Covid World: Building Back Cleaner, and More Resilient Energy Systems
Presenter: Lana Zaman, Associate Sustainable Development Officer, UN DESA
This presentation highlighted the findings of a recent paper by the same title to be published by the Asian Development Bank Institute in its upcoming book on Fiscal Policy and Green Development.
The presentation examined recent trends in investment in green recovery and long-term climate resilience in the wake of COVID-19, based on an analysis of recent policies and financial commitments in 9 countries in Asia. Since the start of the pandemic, many countries have implemented innovative and ambitious initiatives to advance sustainable energy through renewable energy expansion, sustainable mobility, energy efficiency upgrades, and green cities. Some policies also include social considerations, offering support to low-income households and small companies. At the same time, commitments to develop new coal-fired power plants threaten to reverse recent progress. Additionally, many recovery funds support bailouts for fossil fuel-based companies without any climate change targets or goals.
To utilize this opportunity to build back greener energy systems, with consideration for equality and social inclusion, this presentation will additionally provide practical action-oriented policy recommendations. As many countries make zero-emissions commitments, putting these into action will require strategic thinking and comprehensive planning.
Presenter: Tamaryn Napp Senior Policy Advisor Clean Growth and UK PACT, BEIS
Presenter: Leila Pourarkin Clean Growth and UK PACT, BEIS
Greening the Banks (GTB), a green finance mainstreaming initiative led by Allotrope Partners, has been working with the Philippine Central Bank (BSP) and the National Renewable Energy Board (NREB) to build the capacity of over 150 local financial institutions to actively participate in green finance.
The Role of Green Finance in Sustainable Recovery and the Regional Energy Transition: Insights from Philippines’ Finance Stakeholders on Challenges and Opportunities for Mainstreaming Green Finance
Presenter: Marlon Joseph Apanada, Strategic Advisor and Greening the Banks Convenor, Allotrope Partners
Throughout the COVID-19 pandemic, GTB has emerged as a leading platform that has virtually convened over 950 finance and renewable energy stakeholders to address climate-related risks, strengthen Central Bank capacity, and explore opportunities to finance the Philippines 35% renewable energy goal. This proposed ACEF session will be the culmination of these engagements: GTB and its partners will synthesize and share a compendium of key takeaways to amplify the results and actionable recommendations from GTB convenings. These takeaways will be tailored to help the Philippines and the region rebound from COVID-19 with integrated solutions, mainstream green finance through new strategies, and strengthen governance and institutional capacity.
- Ick Jin, Director of Economic Analysis Coordination Division, National Assembly Budget Office