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The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) held its Expert Group Meeting on the Implementation of the Vienna Programme of Action (VPoA) in North and Central Asia on 7-8 June, with a view to review progress and gaps in achieving specific objectives of the VPoA in the sub-region.

Landlocked Developing Countries (LLDCs) face an array of common challenges in achieving long-term development and prosperity. Due to their geographical location, LLDCs suffer from limited competitiveness due to high trade costs and high dependance on neighbouring transit countries to access regional and international markets. Transport and connectivity challenges are also prevalent as these countries generally face higher administrative and trade costs, longer transit times and more complex border procedures.  The climate crisis is also having major impacts on LLDCs with many heavily affected by desertification, biodiversity loss, drought and receding glaciers.

Recognising the complex challenges facing LLDCs, the international community in 2014 adopted the Vienna programme of action for Landlocked Developing Countries. This is a ten-year action-plan aimed at accelerating sustainable development in LLDCs. It consists of a set of six priority areas of interventions: (i) Fundamental Transit Policy Issues; (ii) Infrastructure Development and Maintenance; (iii) International Trade and Trade Facilitation; (iv) Regional Integration and Cooperation, (v) Structural Economic Transformation; and (vi) Means of Implementation. These priority areas are intended as a holistic approach to the peculiar challenges faced by LLDCs that have, over the years, impeded their economic transformation, as well as inclusive and sustainable growth.

“The impacts of multiple interlinked crises due to climate change, COVID-19, geopolitical uncertainties, and global economic slowdown in the subregion have placed greater urgency and importance in addressing the special needs of LLDCs,” said Michiko Enomoto, Acting Head of ESCAP Sub-Regional Office for North and Central Asia “Concerted efforts are needed to ensure we remain focused towards full implementation of the VPoA by 2024.”

These challenges have put LLDCs in a very disadvantageous position for economic development and make them more vulnerable in the case of global disruptions to value chains and cross-border restrictions, negative (or limited) economic growth, and reduction in trade flows.  Of the world’s 32 LLDCs, 7 are in North and Central Asia.

The two-day Expert Group Meeting reviewed progress, gaps, challenges and opportunities on the VPoA priority areas, and addressed the impacts of multiple crises on LLDCs progress.  Over the course of two days, discussions involved sharing innovative solutions, lessons and policy measures on national and subregional development priorities and gaps in implementing key action areas of the VPoA Roadmap. The main focus of the discussions was on transport, energy connectivity, digital trade and trade facilitation in North and Central Asia.

“Central Asian economies are strongly inter-dependent and require effective regional connectivity and integration to reach their potential,” said Sohail Khan Deputy Secretary General of the Shanghai Cooperation Organisation “Regional organizations and partners have a critical role to bring countries and stakeholders from the region together and provide an inclusive platform to discuss priorities, needs and gaps at national and regional level.”

The meeting brought together government representatives and technical experts dealing directly with the implementation of the VPoA and related issues of transit, trade, infrastructure development, structural economic transformation and transport from the 7 LLDCs in the sub-region. The meeting also included representatives of transit countries from the region and development partners as well as the UN system, relevant regional and sub-regional organizations, other international organizations, regional and international financial institutions; and the private sector.

“Although Central Asia has made some notable progress, this Expert Group Meeting provides the opportunity to reflect and look inward in proposing elements and solutions that will effectively respond to the unique challenges faced by LLDCs in the sub-region,” said Arken Arystanov, Chairman of the Board, KazAID.

As an associated event of the EGM, the Secretariat organized the Workshop on Leveraging Public and Private Investment for Accelerate the Implementation of the Vienna Programme of Action in North and Central Asia on 9 June to have focused discussion on resource mobilization to accelerate the implementation of the VPoA.  Experts and participating policymakers exchanged experiences and good practices in attracting foreign direct investment and enabling Public-Private Partnership to finance sustainable connectivity infrastructures. Participants also explored the potential of sustainable and innovative finance, such as SDG bond and debt-for-climate swaps and discussed deepening multilateral cooperation between stakeholders at all levels.

The outcomes of the Expert Group Meeting as well as the Workshop will provide inputs to the Euro-Asian Final Review of the Vienna Programme of Action in Bangkok, Thailand, in August 2023 and, in turn, to the Third UN Conference on LLDCs in 2024. The Landlocked Developing Countries in North and Central Asia are Armenia, Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan.

In March 2023, the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), the Global Green Growth Institute (GGGI) and the Securities and Exchange Regulator of Cambodia (SERC), in collaboration with the Credit Guarantee and Investment Facility (CGIF) and GuarantCo, part of the Private Infrastructure Development Group, launched the Cambodia Sustainable Bond Accelerator. ESCAP and our partners are pleased to announce that three private-sector bond issuers have been selected and will be provided with green and sustainability bond issuance support in 2023.

The selected issuers are:

• Amret PLC - A Cambodian microfinance depositing-taking institution which will prepare to issue a US$ 50 million sustainability bond.
• Golden Tree Co. Ltd. – A real estate company that will be supported to issue its second green bond in the amount of US$ 25 million for green building development.
• Royal Group Phnom Penh SEZ – A publicly listed company that manages Phnom Penh Special Economic Zone and will be supported in a $20 million sustainability bond.

While bond issuers in developing markets generally face considerable barriers to issuance, issuers of thematic bonds (green, social, and sustainability bonds) are further constrained due to the issuer’s limited awareness and capacities, as well as higher issuance costs. Collectively, CGIF, ESCAP, GGGI and GuarantCo will provide technical assistance and support to prospective issuers, including support in the development of bond frameworks, meeting best practices, facilitating post-issuance reporting and providing co-financing options to decrease bond issuance costs and investment support.

Overall, the Accelerator provides the selected issuers with the technical and financial assistance required to support green and sustainable bond issuance on the Cambodia Stock Exchange and other listing bodies, as appropriate. Additionally, three additional prospective bond issuers were also shortlisted for support and will receive preparatory support for their issuances as they move forward.

“The launch of the Cambodia Sustainable Bond Accelerator marks a significant milestone in our collective efforts to promote green and sustainable finance in the Asia-Pacific region. By addressing the barriers faced by bond issuers in developing markets and enhancing their awareness and capacities, we aim to unlock the potential of thematic bonds to contribute to the transition to a more sustainable and resilient future,” said Armida Salsiah Alisjahbana, United Nations Under-Secretary-General and Executive Secretary of ESCAP.

The Government of Cambodia has prioritized climate mitigation and adaptation as one of the top priorities in its national development strategy. The funding needed to achieve these goals is substantial. In Cambodia’s latest nationally determined contribution (NDC), the government of Cambodia declared that its climate mitigation and adaptation plans would require total funding of roughly $7.8 billion. Thematic bonds have the potential to close this financing gap by mobilizing investment for the public and private sector for green and sustainability initiatives.

"The Sustainable Bond Accelerator program in Cambodia has achieved significant milestones. The sustainable bond size of three potential issuers collectively is around USD95 Million, which is close to 50 per cent of the current plain bond listed in Cambodia. GGGI remains committed to supporting private sector issuers in identifying green projects, sustainable bond framework development and providing credit enhancement opportunities to promote sustainable financing in Cambodia,” said Dr. Frank Rijsberman, Director-General of GGGI.

“SERC, with our development partners ESCAP and GGGI, is pleased to announce the selection of private-sector bond issuers to receive support under the Cambodia Sustainable Bond Accelerator. This is a crucial step towards growing Cambodia's capital market and achieving our goal of encouraging the use of green, sustainability, and sustainability-linked bonds to aid private sector growth and sustainable development in Cambodia.” H.E Sou Socheat, SERC Director General

By the end of 2023, ESCAP and its partners look forward to supporting three new green and sustainable bond listings in Cambodia.

                                                                           More than 1 in 4 children under 5 years is unregistered in South Asia, according to latest data 

KATHMANDU/ DHAKA, 6 June 2023 – More than 100 civil registration professionals from Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka came together today in Dhaka to call for greater progress in registering children at birth.

At the meeting, supported by UNICEF and ESCAP, experts will review progress to strengthen civil registration and vital statistics in South Asia, highlight the successes, lessons learned, and identify promising initiatives in the region. 

“A birth certificate is more than just a certificate. It is a basic right for every child in South Asia and the passport to their future. Not only does it safeguard children by giving them an identity, but it also allows every child the right to use health, education, and other critical social services,” said Noala Skinner, UNICEF Regional Director for South Asia, a.i. “We must invest in a world where every child, no matter who or where they are, can get registered as soon they are born.”

According to the latest estimates, South Asia accounts for nearly one-third of the total number of unregistered children worldwide. Over 50 million children under the age of five in South Asia, or 1 in 4, were not registered in 2021 - depriving them of the right to an identity and access to social services.

Although countries in the region have made progress in registering more children, widespread challenges for parents remain. These can range from difficulties in using registration points, to complex procedures to register children, especially for ethnic or language minorities.

“A universal civil registration record is an essential source of data for vital statistics on births and deaths. Governments require these statistics to design, implement and monitor public policies,” said Armida Salsiah Alisjahbana, UN Under-Secretary-General and Executive Secretary of ESCAP. “By investing in civil registration and vital statistics, we can ensure the monitoring of progress on the 2030 Agenda for Sustainable Development. The need for timely, accurate data used by policymakers and trusted by the public has never been clearer.”

South Asia is on track to meet goals of universal and responsive civil registration and vital statistics systems by 2030. However, additional investments are required to accelerate progress to reach every child before 2030. 

UNICEF and ESCAP are calling on every country in South Asia to:

• Strengthen the role of health systems in registering children, by enhancing collaboration between civil registration and health and immunization systems.
• Enhance digitization of systems while ensuring safe digital practices, data protection and confidentiality.
• Increased public financing for civil registration and vital statistics systems.
• Address inequalities in civil registration by removing barriers and ensuring equitable access, regardless of background and location.

The Sustainable Development Goal Target 16.9, which calls for a legal identity for all, including birth registration, by 2030 is key to advance the 2030 commitment to leave no one behind. As a step towards that commitment, governments proclaimed 2015–2024 as the Civil Registration and Vital Statistics Decade, a shared vision to allow everyone, including children, to benefit from civil registration and vital statistics systems.

To work towards this vision, UNICEF supports the implementation and scale up of birth registration services through enhanced collaboration between the civil registration and health sectors; works with partners to scale up innovative approaches; and supports the shift towards digital systems. ESCAP provides support to countries to implement the Regional Action Framework on CRVS in Asia and the Pacific; supports them in monitoring progress; and offers support to countries on the implementation and use of civil registration and vital statistics systems and products.

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For more information, please contact:

Sabrina Sidhu, UNICEF South Asia, +919384030106, [email protected]

Kavita Sukanandan, ESCAP, [email protected]

About UNICEF 
UNICEF works in some of the world’s toughest places, to reach the world’s most disadvantaged children. Across 190 countries and territories, we work for every child, everywhere, to build a better world for everyone.

UNICEF’s Regional Office for South Asia (ROSA) works with UNICEF Country Offices in Afghanistan, Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan and Sri Lanka to help to save children’s lives, defend their rights, and help them fulfil their potential. For more information about UNICEF’s work for children in South Asia, visit www.unicef.org/rosa and follow UNICEF ROSA on Twitter and Facebook. 

About ESCAP

The Economic and Social Commission for Asia and the Pacific (ESCAP) is the most inclusive intergovernmental platform in the Asia-Pacific region. The Commission promotes cooperation among its 53 member States and 9 associate members in pursuit of solutions to sustainable development challenges. ESCAP is one of the five regional commissions of the United Nations.

The ESCAP secretariat supports inclusive, resilient and sustainable development in the region by generating action-oriented knowledge, and by providing technical assistance and capacity-building services in support of national development objectives, regional agreements and the implementation of the 2030 Agenda for Sustainable Development. ESCAP also provides support to partners at the national level. ESCAP’s national offer is rooted in and linked with the implementation of global and regional intergovernmental frameworks, agreements, and other instruments.

The National Consultation on Readiness to Implement Action Plan to Strengthen Regional Cooperation on Social Protection in the Maldives was launched in Maldives jointly by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), the Ministry of Gender, Family and Social Services, and the United Nations Maldives team.

Governments in Asia and the Pacific have increasingly recognized social protection as a key policy instrument to build a more productive, protected and healthy population in Asia and the Pacific. In 2020, ESCAP member States endorsed the regional Action Plan to Strengthen Regional Cooperation on Social Protection, which serves as a shared vision, strategy and platform for promoting partnership and peer learning as well as identifying needs for capacity development. The Action Plan sets out 12 national actions that underpin the achievement of more inclusive and comprehensive social protection systems, ranging from upholding the right to social protection in legislative and regulatory frameworks, to ensuring a more effective design, coordination and delivery of social protection schemes.

To support member States in the implementation of this first ever regional Action Plan, ESCAP has been undertaking stocktaking initiatives on the readiness to implement the Action Plan and achieve more inclusive and comprehensive social protection systems in Cambodia, Georgia, Maldives, Mongolia, the Philippines and Turkey.

The Maldives has demonstrated strong commitment to social protection and achieved universal old age pensions through both contributory and non-contributory schemes, as well as a universal disability allowance and universal health insurance.

The stocktaking consists of a brief report that showcases the Maldives’ policies for promoting social protection and its overall readiness to implement the national actions of the Action Plan. A second part of the stocktaking exercise involves a national consultation with selected participants from the Ministries to discuss and validate the findings of the draft report, notably its recommendations for achieving the objectives of the Action Plan. The consultation also served as a forum to reflect how a more holistic and strategic social protection system could be an economic investment in future labour markets, the economy and prosperity of the country.

Launching the National Consultation, the Vice President of Maldives Faisal Naseem highlighted ongoing progress made on social protection, such as the launch of the registry portal for persons with disabilities by the National Social Protection Agency (NSPA), the implementation of non-contributory schemes for persons in vulnerable situations, as well as pension plan.

Aishath Mohammed Didi, Minister of Gender, Family and Social Services, elaborated on the recently developed National Framework on Social Protection that sets the architecture to establish a minimum social protection floor, enhance the sustainability of social protection programs, and promote a legal and regulatory framework to ensure greater quality, efficiency, and equity in providing social protection services.

Reflecting on the different pathways to more inclusive and comprehensive social protection systems across countries in the region, Srinivas Tata, Director, Social Development Division, ESCAP outlined the key elements within the Action Plan that underpin strong social protection systems. Emphasizing the need for a lifecycle approach, Catherine Haswell, UN Resident Coordinator for Maldives, indicated it was an opportune moment to gather and review the various components of Maldives’ social protection system, to leverage what has worked and make adjustments to transform the system into one which meets the future needs of the Maldives.

As the country moves forward to implement the National Framework on Social Protection, the Consultation was a rare opportunity to engage stakeholders from across different line Ministries and stakeholders in the Maldives to chart actions towards a future where all Maldivians are protected.

The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) is working with climate data nonprofit TransitionZero providing investment-grade open data and modelling to improve energy connectivity and accelerate low-carbon development in the Asia-Pacific region.

TransitionZero will present modelling analyses from its open source energy systems model Future Energy Outlook (FEO) at ESCAP regional events on energy systems planning and power system decarbonisation. Additionally, TransitionZero will contribute open source modelling to the Asia-Pacific Working Group of the Green Grids Initiative – chaired by ESCAP – which works with parliamentarians, investors, and large donor institutions to facilitate a globally interconnected electricity grid.

As one of the five regional commissions of the United Nations, ESCAP provides a platform for its member States to dialogue and strengthen regional cooperation in Asia and the Pacific. ESCAP promotes energy connectivity through workshops and expert group meetings designed to delineate and address the principal barriers to energy connectivity from national, subregional, and regional perspectives.

The United Nations has released a new handbook to build the capacity of developing countries to design and negotiate sustainable development provisions in trade agreements that consider their specific situation, and to encourage research and discussions on maximizing the impact of such provisions in support of the 2030 Agenda for Sustainable Development.

The UN Handbook on Provisions and Options for Inclusive and Sustainable Development in Trade Agreements uniquely provides a range of alternative sustainable development provisions with explanation on their binding nature and flexibility from legal perspective. It includes chapters on environment, labour, gender, MSMEs and investment.

Regional trade agreements are increasingly addressing various aspects of sustainable development through specific provisions and chapters. Developed economies and a growing number of developing economies have included provisions related to health, environment, labour rights, engagement of small and medium sized-enterprises and environment. Many less developed economies have expressed concerns about the inclusion of such non-trade issues as they create potential new trade barriers. At the same time, however, governments in key international markets are taking steps to increase sustainable development related non-tariff measures in trade agreements and this trend may be expected to accelerate.

The Handbook, developed by the five UN Regional Commissions, UNCTAD and other partners, was launched at the Rethinking World Trade 2023 conference hosted by Georgetown University yesterday. The guide is based on inputs collected from a wide range of experts, including from WTO, civil society, academia and the private sector, under the Global Initiative on Mainstreaming Sustainable Development Provisions in Trade Agreements.

For more information: https://www.unescap.org/project/imsdp

The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) has partnered with the Cambodia University of Technology and Science (CamTech), Khmer Enterprise (KE) and Techo Startup Center to launch a new startup and entrepreneurship training program, with a focus on mobilising women innovators. The four-month program was launched alongside an Innovative Tech Startup Challenge for students, organized by KE and Cam Tech, which aims to harness technology to address Cambodia’s sustainable development challenges.

The competition and training program is backed by ESCAP’s Catalyzing Women Entrepreneurship project, which has to date supported 15 innovative fintech start-ups, directly benefitted over 100,000 women entrepreneurs and unlocked over USD 65 million in private capital to support women entrepreneurs.

During the launch event on 5 April 2023, CamTech and ESCAP signed an agreement to strengthen collaboration among all institutions to promote entrepreneurship and mark the beginning of the incubation training programme and the startup challenge for undergraduates.

The initiative creates a new wave of support for research, innovation and entrepreneurship capacity building for undergraduates, especially female students, in the field of science and technology in Cambodia and promotes public-private partnerships in implementing the national development policy agenda.

Directly following the event, applications for the innovation challenge were opened. Winning applicants presenting the best solutions will not only receive a cash prize, but also the opportunity to compete in the United States next Year.

Students who are interested in the incubation training program can now register for the orientation from 4 April to 26 April 2023 via the following link: https://lnkd.in/g-rZA9XF

• Cooling services account for 45 per cent of electricity use nationally.
• Heat stress in Cambodia leads to an annual GDP loss of at least US$1.12 billion.
• Sustainable cooling is key to protect vulnerable populations, keep food fresh, medicines viable, and workforces productive.

The government of Cambodia is launching today its first national strategic plan on cooling – one of the largest contributors to global warming – to lead the country to a greener, cleaner and low-carbon future.

Cambodia’s National Cooling Action Plan was developed with support from the United Nations Environment Programme (UNEP) and the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), under the framework of the Cool Coalition – a global effort led by UNEP to drive action on sustainable cooling.

The plan seeks to reduce cooling demand, strengthen the access to cooling services such as cold chains for food and medicine, improve the energy efficiency of appliances, and encourage the use of low-Global Warming Potential refrigerants.

Sustainable approaches to cooling are critical to tackle climate change. Such approaches reduce food loss, enhance access to healthcare and medicines, enable productive work and protect against heat stress, especially important in a country where heat stress leads to an annual GDP loss of at least US$1.12 billion.

“If we are serious about reversing current climate trends, we cannot go about cooling our planet with a business-as-usual approach,” said Dechen Tsering, UNEP Regional Director and Representative for Asia and the Pacific. “As Cambodia’s demand for cooling grows, it has an important opportunity to adopt a new pathway on cooling, showing the possibility and potential of a system-wide approach to cooling that is equitable, efficient, and climate-friendly.”

With a hot and humid climate, demand for space cooling in Cambodia is set to double in the next 20 years. It already accounts for 45 per cent of electricity use nationally. Cambodia’s National Cooling Action Plan is, therefore, an important way to reduce the climate and economic impacts of increased demand for cooling.

“Cambodia is demonstrating her willingness to be a leader in delivering sustainable cooling with the development of a National Cooling Action Plan to help realize her Nationally Determined Contribution and Long-term Strategy for Carbon Neutrality of building a sustainable, green, clean and low-carbon economy,” said H.E. Say Samal, Minister of Environment, the Royal Government of Cambodia. “I invite Cambodian ministries and relevant stakeholders to join forces to implement this plan as laying the ground for climate-friendly cooling in Cambodia requires strong collaboration.” he added.

Cambodia’s National Cooling Action Plan provides recommendations to guide policymakers and partners to focus and collaborate on strategic actions to deliver sustainable cooling. It focuses on five areas: Building Space Cooling, Food Cold Chain, Health-care Cold Chain, Mobile Air Conditioning, and Process Cooling.

 “It is critical that the country mitigates rising cooling-related energy demand and greenhouse gas emissions while protecting the resilience of its energy systems, said Armida Salsiah Alisjahbana, Executive Secretary of the ESCAP and Under-Secretary-General to the United Nations,

The plan is the outcome of national consultations with experts, and technical support from the Alliance for an Energy Efficient Economy and Sustainable Energy for All. The Danish International Development Agency and the Energy Foundation China provided financial support.

Cambodia’s National Cooling Action Plan was officially launched by the Cambodian Environment Deputy Minister and the Department of Climate Change, the General Directorate of Environmental Protection (EPA) of the Ministry of Environment, and the National Council for Sustainable Development.

In the run-up to COP 28,  which will take place from 30 November to 12 December in the United Arab Emirates in Dubai, it is crucial to drive global action on sustainable cooling in order to meet the Paris Agreement goal of keeping global warming well below 2°C.

Notes to Editors

About the Ministry of Environment Cambodia

The Ministry of Environment (MoE) is the key agency responsible for environmental protection and natural resources conservation. The MoE hosts the Department of Climate Change (DCC) of the General Directorate of Policy and Strategy and the General Directorate of Environmental Protection (EPA) of the Ministry of Environment.

About the Economic and Social Commission for Asia and the Pacific

The Economic and Social Commission for Asia and the Pacific (ESCAP) is the most inclusive intergovernmental platform in the Asia-Pacific region. The Commission promotes cooperation among its 53 member States and 9 associate members in pursuit of solutions to sustainable development challenges. ESCAP is one of the five regional commissions of the United Nations

About the UN Environment Programme

The UN Environment Programme is the leading global voice on the environment. It provides leadership and encourages partnership in caring for the environment by inspiring, informing and enabling nations and peoples to improve their quality of life without compromising that of future generations.

For more information and to arrange interviews, please contact:

Kavita Sukanandan, Public Information Officer, ESCAP ([email protected]) 

David Cole, Regional Information Officer, UNEP ROAP ([email protected])

Sophie Loran, Communications Officer, UNEP ([email protected])

Through the Women Enterprise Recovery Fund, the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) has supported innovative business models and digital solutions that address the challenges faced by women-owned businesses in South and South-East Asia and the Pacific. ESCAP is launching the Women Entrepreneur Growth Fund in Mongolia in partnership with for the first time, with the International Women's Federation of Commerce and Industry in Mongolia (IWFCI Mongolia) and the Ministry of Foreign Affairs of Mongolia.

To date, ESCAP Challenge Funds for women entrepreneurs have provided grants to promote the development of digital and innovative projects and solutions aimed at women-owned businesses in Bangladesh, Cambodia, Fiji, Nepal, Samoa and Vietnam that have suffered significantly from the economic shocks related to the COVID-19 pandemic.

“It is clear that women entrepreneurs are a driving force for post-pandemic recovery. That is why ESCAP – over the past few years – has been implementing our Catalyzing Women’s Entrepreneurship programme, which – to date – has directly supported over 100,000 women entrepreneurs and has unlocked over 60 million dollars of capital for women entrepreneurs,” said Armida Salsiah Alisjahbana, United Nations Under Secretary-General and Executive Secretary of ESCAP.

IWFCI Mongolia has been chosen as a National Focal Point to implement the program and the Ministry of Foreign Affairs has been one of the supporting pillars for the implementation process.

Proposed solutions under the fund must target women's businesses in order to aid in their recovery, growth and resilience. The winners of the fund, businesses who provided the best digital solutions within the program's criteria, will be awarded grants of up to US$10,000. Grant amounts for each project may differ depending on the type of the digital solution, the size of the project, and the required amount of investment.

AREAS OF FOCUS

• AgriTech
• Supply chain financing
• Investability
• Insurtech
• Digital tools for Women MSMEs
• Digital/Financial Literacy
• And others

Also present at the launch were Battushig Zanabazar, Deputy Director General, Department of Foreign Trade and Economic Cooperation, Ministry of Foreign Affairs of Mongolia, and Baigali Ochkhuu, President of IWFCI Mongolia.

The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), together with the Global Green Growth Institute (GGGI), and the Securities and Exchange Regulator of Cambodia (SERC), signed a Memorandum of Agreement today to accelerate financing towards green, sustainable and net-zero projects in Cambodia.  As part of this partnership, the Cambodia Sustainable Bond Accelerator: Empowering Issuers through Technical Assistance programme was also launched, in collaboration with Credit Guarantee and Investment Facility (CGIF) and GuarantCo part of the Private Infrastructure Development Group.

Cambodia’s financing needs to address climate change impacts and meet Cambodia’s nationally determined contributions (NDC) are substantial. Without climate adaptation and mitigation investment, it is estimated that the impact of climate change could cost Cambodia 1 percent of GDP per year for the next decade and could potentially wipe out all economic gains by 2050. According to the latest NDCs, Cambodia’s climate mitigation and adaptation plans would require total funding of roughly $7.8 billion. Innovative financing instruments such as green and sustainable bonds have a strong potential to close this financing gap by driving institutional and private capital to prioritize the sustainability agenda.

“Green, sustainability and sustainability-linked bonds have demonstrated to be transformative investment vehicles to channel financing towards green and sustainable initiatives,” said Armida Salsiah Alisjahbana, Under-Secretary-General of the United Nations and Executive Secretary of ESCAP. “Through our partnership with SERC and GGGI we are proud to be working to accelerate financing towards climate adaptation and mitigation initiatives in Cambodia. We are also pleased that the initiative has generated collaboration and support from the CGIF and GuarantCo as key collaborators.”

The programme will support Cambodian companies planning to issue green, sustainability and sustainability-linked bonds through addressing the challenges faced by bond issuers by enhancing issuers’ abilities to meet international thematic and sustainability-linked bond standards and by lowering the cost of issuance. Over the course of this year, the initiative will select up to four companies, which will receive technical advice and capacity building on the green bond issuance preparation, and investment support for roadshows, connecting to investors, and credit enhancement where feasible.

“Acknowledging the urgent need to combat climate change, SERC has taken serious action to support sustainable development through promoting the issuance of green, sustainability, and sustainability-linked bonds, and has been working closely with development partners to do so. I strongly believe that through this cooperation with ESCAP and GGGI, with the support of the CGIF and GuarantCo, we will be able to achieve our goal and bring Cambodia’s capital market to another level by promoting sustainable development. Fighting climate change is the responsibility of us all, so please join us in issuing and investing in green, sustainability and sustainability-linked bonds in Cambodia,” said Sou Socheat, Director General of the Securities and Exchange Regulator of Cambodia.

"This collaborative initiative represents a significant commitment to support the issuance of green and sustainability bonds in Cambodia. GGGI is honored to support the Royal Government of Cambodia in maturing the thematic bond market through private sector participation and enhancing the country’s sustainable finance in the pursuit of a greener economy,” said Frank Rijsberman, Director-General of GGGI.

The Cambodia Sustainable Bond Accelerator initiative builds on the ESCAP, GGGI and SERC partnership, which aims to accelerate the development of Cambodia’s green and sustainable bond market and associated policies, tools and mechanisms to facilitate financing towards climate mitigation and adaptation initiatives. Through a series of targeted measures focusing on both issuance and post-issuance processes, the partnership will contribute to enhancing the ability and interest of issuers in Cambodia to move from traditional bond issuance to green, sustainability and sustainability-linked issuance, and ultimately expand climate-related investments in Cambodia.