The United Nations Economic and Social Commissions for Asia and the Pacific (ESCAP) and the National Bank of Cambodia (NBC) announced the development of the National Bank of Cambodia’s Sustainable Finance Roadmap, signifying the future collaboration through a Memorandum of Agreement (MOA) signing ceremony on Friday.
This initiative from the NBC, in partnership with the ESCAP, represents a significant commitment towards addressing climate-change-related risks and supporting the growth of green and sustainable finance, which will provide an opportunity for Cambodia to positively contribute to meeting its climate commitments and SDG goals.
ESCAP has collaborated closely with the National Bank of Cambodia (NBC) since 2019, engaging in capacity-building initiatives and providing technical assistance programs with concerted efforts aligning with the overarching objective of bolstering the expansion of sustainable finance in Cambodia.
The MOA represents NBC’s adoption of the first recommendation of the policy analysis titled ‘Green and Sustainable Financial Market Analysis: Financing Cambodia’s Future’ co-developed by ESCAP and NBC, which notes the importance of developing a roadmap and vision for sustainable finance.
The Sustainable Finance Roadmap aims to align Cambodia’s financial system with its broader sustainable development goals, specifically addressing climate change, promoting environmental sustainability, and including considerations to enhance social and economic well-being. Overall, the adoption of the roadmap would support Cambodia to create a more resilient and stable financial system that supports long-term economic and environmental sustainability.