While attending the latest Breakfast Talk, organised by EuroCham Cambodia, at Raffles Hotel Le Royal yesterday, panellists pointed out the example of Vietnam mobilising $8.6 billion to support its energy transition last year.
At COP 27, there were $32 trillion in assets that fell under carbon neutrality initiatives.
UNDP Chief Technical Adviser on Development and Climate Finance Julien Chevillard said: “It’s not fringe anymore, we’re really seeing this become mainstream.”
In Cambodia also, the green initiatives have gathered momentum, with more people looking at the prospects of moving to electric vehicles.
Chevillard said a switch to electric vehicles is likely to come sooner rather than later, as countries prioritize carbon-free buses and electric motor vehicles.
Besides, the Cambodian government is taking several steps to accelerate the green efforts in the country. The government made investments in the grid to increase the uptake of variable renewable energy and increased collaboration between ministries.
Morten Kvammen of Misca Advisors said that once the government becomes familiar with a topic, things tend to move very quickly.
Another important sector that is preparing for a switch is garments. However, experts pointed out that the leasing model poses a challenge to green investments.
Choon Yik Thong, Chairman of TAFTAC’s sustainable committee and Vice Chairman of the EuroCham’s Garment & Manufacturing Committee, said: “It’s real, we’re doing it on the ground now. There are many projects going on. Despite not saving much [at the moment], factories will still go ahead with these [green] projects.”
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Author: Adur Pradeep
Source: Khmer Times
December 06, 2022
