The Asian Development Bank (ADB) has launched a new climate finance-focused programme in Thailand aiming to enhance the country’s ability to attract finance from various sources including public, private, and capital markets to meet its net-zero targets.
The initiative, named ‘Accelerating Climate Finance in Thailand’ includes policy support for developing innovative finance approaches, establishing catalytic climate finance mechanisms, and creating road maps and pilot projects in sectors such as electric mobility, resilient cities, and biodiversity. Additionally, the initiative focuses on capacity building in innovative climate finance strategies.
ADB’s Vice-President for East and Southeast Asia, and the Pacific, Scott Morris, along with Country Director Anouj Mehta, introduced the programme during a visit to Thailand from 24-28 June, in collaboration with Phirun Saiyasitpanich, the Director General of Thailand’s Department of Climate Change and Environment (DCCE) at the Ministry of Natural Resources and Environment.
During the launch, Morris highlighted Thailand’s acute vulnerability to climate change and the necessity of accelerating green finance flows from both private and public sectors. “We will support Thailand in developing innovative finance tools such as national derisking finance mechanisms and sustainability-linked incentive bonds,” he stated.
Phirun Saiyasitpanich emphasised the need for innovative and sector-focused finance mechanisms from ADB, considering all instruments that will support both current and future national climate targets.