With the globalisation engine no longer as powerful as it once was, economic growth alone is unlikely to eradicate poverty. One complementary approach is to bolster financial inclusion.
Weakening the World Bank and other multilateral development banks that have a large United States presence could present an opportunity for a little-known, relatively new Chinese-led international organisation like the Asian Infrastructure Investment Bank.
Public development banks must spearhead a systemic overhaul of global finance to ensure climate funding reaches the most vulnerable and accelerates the green transition.
The financing gap is huge, but time is short. Given the inadequacy of a promised new climate finance goal, Southeast Asia should look beyond UN-led conferences to crowd in other sources of capital to tackle the climate crisis.