Bangkok, 25 November – Thailand’s private sector will prove integral in funding the country’s net zero transition amid the climate finance shortfall facing developing nations worldwide, speakers highlighted at Unlocking capital for sustainability which was held in Thailand for the first time today. Organised by Eco-Business in partnership with United Nations Environment Programme Finance Initiative (UNEP FI), Unlocking capital for sustainability is an annual sustainable finance forum that brings together high-level decision makers in finance, business, government and civic society to discuss and commit to actionable initiatives that mobilise the capital markets for sustainable development. Established since 2018, the forum has convened thousands of delegates and speakers across six markets in Asia. The Thailand forum follows four other editions held in Indonesia, Malaysia, the Philippines and Singapore in recent months, and comes just after COP29’s conclusion in Baku, Azerbaijan. The climate summit ended with a deal to direct US$300 billion in funds annually (up to 2035) to help developing countries mitigate increasing climate risks. Despite being three times higher than the previous allocation, the climate deal fell short of developing countries’ expectations. The funding shortfall in the wake of COP29 should be seen as an urgent reminder for the private sector to take action, especially in Thailand, said Michaela Friberg-Storey, United Nations (UN) Resident Coordinator in Thailand, in her opening keynote. “The private sector is lead here, knowing that as much as 75 per cent of investments in Thailand comes from private sector and the rest from the public sector,” Friberg-Storey said. “It is the private sector that can unlock sustainable development for Thailand. The government will have to provide the policies; they will have to provide the regulations and the laws. But it is private sector that is going to be the main vehicle for the people of Thailand for their sustainable future. That is why we in the UN are very glad to have such a strong global compact network as we do in Thailand.” Pornphrom Vikitsreth, Advisor to Governor of Bangkok and Chief Sustainability Officer of Bangkok, said that public funds are insufficient for large-scale adaptation projects, advocating for a “proactive” approach involving all stakeholders instead. “The national government tries to be proactive, but we cannot do it alone. We need the support from the private sector with their investment. We need the support of academia and civil society, which is very strong in Thailand and Bangkok, and lastly, the general public,” he said during his special keynote address. “If we can all work together, then Bangkok will be a liveable city, and we can protect ourselves from the repercussions from climate change.” During the forum, experts from their respective fields identified novel financing structures, policy interventions, climate technology commercialisation, and sustainability taxonomies as the building blocks for stronger private sector engagement. Mobilising these initiatives into action is critical, especially with Thailand facing record heatwaves and devastating floods, which are taking a huge financial toll on domestic industries such as agriculture and fisheries while adversely impacting people’s livelihood. Chow Wong Yuen, Chief Sustainability Officer at UOB Thailand, emphasised that the cost of inaction for Thailand is “greater than ever,” given the country’s vulnerability to climate change. “Our sustainable financing solutions are designed to accelerate deployment and adoption of climate-mitigating measures to support the nation’s goals. By facilitating Thailand’s transition, we strive not only to address today’s pressing challenges but also to build long-term resilience in alignment with the country’s vision for a low-carbon, sustainable future,” Chow said. Jessica Cheam, Founder and Managing Director, Eco-Business highlighted that as a major Southeast Asian economy with a growing middle class driving rapid urbanisation, Thailand faces a huge challenge – but also a significant opportunity – in ensuring that this growth is aligned with sustainable development outcomes. “We are delighted to bring this forum to Bangkok for the first time and to convene senior decision makers to discuss specific actions for Thailand, as well as exchange views and forge partnerships on the best sustainable finance mechanisms and innovation solutions across the region available to us today.” The Thailand edition of Unlocking capital for sustainability welcomed more than 50 participants from government, finance, international agencies and civic society. For more information, please visit the Unlocking capital for sustainability website at https://www.unlockingcapitalf For high-resolution photos from the event, please visit this page. Speakers include:
Notes to Editors: For enquiries or photos, please contact: Mark Rao, Eco-Business |
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About Unlocking Capital for Sustainability Unlocking capital for sustainability is an annual flagship event on sustainable finance for Asia Pacific organised by Eco-Business in partnership with UN Environment Programme (UNEP) that brings together high-level decision makers in finance, business, government and civic society to discuss and commit to actionable initiatives that mobilise the capital markets for sustainable development. Through our plenaries and regional forums, we spotlight the key mechanisms that will unlock capital for Asia’s transition, outline the frameworks needed to make finance an effective tool for hard-to-abate sectors and chart a path for building an equitable, net zero transition. About Eco-Business Established in 2009, Eco-Business is Asia Pacific’s leading media organisation on sustainable development. Its independent journalism unit publishes high quality, trusted news and views that advance dialogue and enable measurable impact on a wide range of sustainable development and responsible business issues. Eco-Business is headquartered in Singapore, with a presence in Beijing, Hong Kong, Manila, Kuala Lumpur, Jakarta, New York and correspondents across major cities in Asia Pacific. Visit www.eco-business.com. About UOB United Overseas Bank Limited (UOB) is a leading bank in Asia with a global network of about 500 branches and offices in 19 countries and territories in Asia Pacific, Europe and North America. In Asia, we operate through our head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia and Thailand, as well as branches and offices. We believe in being a responsible financial services provider and we are committed to making a difference in the communities in which we operate. UOB provides a wide range of financial services globally through our three core business segments – Group Retail, Group Wholesale Banking and Group Global Markets. Our offering includes consumer banking, private banking, commercial banking, transaction banking, investment banking and treasury services. Through our subsidiaries, we also provide asset management, private equity fund management and insurance services among others. |
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