South-east Asia needs an estimated $200bn annually between 2016 to 2030 to support climate-compatible infrastructure, renewable energy, energy efficiency, food security, agriculture and land use, according to the 2017 ‘Green Finance Opportunities in Asean’ report by DBS Bank and the UN Environment Programme.
Much of that would need to be provided by green finance. But judging by the past performance of the 10-member Association of Southeast Asian Nations (Asean), the region is lagging in servicing its green needs. In 2020, Asean’s collective issuance of green, social and sustainable bonds or loans, reached $12.2bn — a paltry sum when compared with the global tally of $700bn, according to Climate Bonds Initiative data.