ASIATODAY.ID, JAKARTA – Green Investment Principles for the Belt and Road (GIP) expands its reach to Southeast Asia by inaugurating a new Representative.
GIP ASEAN Representative is an important element in GIP’s vision of building an effective local network to disseminate knowledge and best practices, and help create green investment opportunities in developing economies.
The ASEAN Representative GIP, the third representative after Central Asia and Africa, is led by Mari Pangestu, former Indonesian Minister of Trade and Managing Director of the World Bank, together with Rino Donosepoetro, Vice Chairman, ASEAN, Standard Chartered.
“Southeast Asia has historically relied heavily on an economic model based on fossil fuels. However, the sustainable financing sector is now developing rapidly in Southeast Asia. Therefore, the ASEAN Representative GIP will contribute to the development of sustainable financing in ASEAN by sharing knowledge and increasing expertise,” said Ma Jun, One of the Chairs of the GIP Steering Committee and Chair, China Green Finance Committee, quoted from a press release, Tuesday, December 5 2023.
Sir William Russell, Co-Chair of the GIP Steering Committee and former Mayor of London, assessed that the green financing gap in Southeast Asia is very significant.
He said, “For this reason, GIP has a role. The inauguration of the ASEAN Representative GIP plays a big role in strengthening cooperation at all levels, as well as encouraging follow-up from FI, business players and the government.”
Mari Pangestu said, “The ASEAN Representative GIP will prioritize three initiatives: continuing to build a taxonomy of sustainable financing in ASEAN, identifying and developing projects that are not only deserving of banking facilities, but also transformative, and building a framework that addresses the financial and social implications of sustainable financing. ”
Rino Donosepoetro said “GIP ASEAN Representatives participated in reformulating the ASEAN taxonomy, as well as facilitating the formulation and identification of transformative projects that help access financing. More and more stakeholders in the region will join GIP. We will start focusing on these three initiatives.”
One of the main speakers at this event, Boby Hernawan from the Indonesian Ministry of Finance, shared his views on Indonesia’s efforts to expand green financing. Jin Zhongxia from the Central Bank of China, discussed the potential of the ASEAN Representative GIP as a means of exchanging ideas and best practices. Meanwhile, Fransiska Oei, Head, ESG, Perbanas, underlined GIP’s role in responding to a number of challenges, such as a lack of understanding of OJK regulations, inadequate sustainable financing expertise, and the importance of closer collaboration.
As a next step, the ASEAN Representative GIP will form an advisory council, expand GIP membership, as well as facilitate increasing expertise and identifying environmentally friendly projects. (AT Network)
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