ASEAN+3 economies are mitigating climate change under the Paris Agreement by tracking commitments, national roadmaps, financing needs, and enhancing financial system resilience to climate risks, using international benchmarks.
Meeting Climate Commitments
ASEAN+3 economies are actively contributing to the global climate initiative under the Paris Agreement of 2015 to mitigate climate change risks caused by global warming. AMRO staff has compiled a comprehensive database to track the region’s climate commitments. This resource outlines respective national roadmaps and frameworks designed to fulfill these commitments and estimates the necessary financing requirements.
Strengthening Financial Systems
The database also catalogues the development of guidelines and regulations aimed at increasing the resilience of ASEAN+3 financial systems to climate-related risks. Another major focus is scaling up financing for the low-carbon transition. These efforts are crucial for creating a more sustainable and resilient economic structure in the region, capable of withstanding and adapting to climate challenges.
Learning from Advanced Economies
In addition to regional data, the database includes climate-related initiatives from advanced economies such as the European Union and the United States. Guidelines issued by international standard-setting bodies are also presented as benchmark references. These benchmarks serve as valuable examples for ASEAN+3 economies in their journey toward a greener, low-carbon future.
