The £2.1 million (~$2.65 million) initiative, funded through the ASEAN – UK Green Transition Fund, will support the ASEAN secretariat and ASEAN member states with the implementation of the recently adopted ASEAN Regional Investment Promotion Action Plan. The initiative represents a landmark collaboration focusing specifically on channelling FDI into strategic green sectors crucial for ASEAN’s transition to a low-carbon economy.
The UK government and ESCAP launched the £2.1 million (~$2.65 million) ASEAN Green Investment Catalyst (AGIC) initiative to boost sustainable foreign direct investment (FDI) in Southeast Asia.
Funded through the ASEAN-UK Green Transition Fund, it will support ASEAN’s green transition by developing investment-ready projects in key sectors, matching them with investors.
“This strategic partnership between the UK, ESCAP, the ASEAN Secretariat and ASEAN member States comes at a critical time when mobilising private investment for climate action is more urgent than ever. By supporting the implementation of the ASEAN Regional Investment Promotion Action Plan, this initiative will help position ASEAN as a unified destination for sustainable investment, accelerating the region’s green transition, while promoting inclusive economic growth,” United Nations under-secretary-general and executive secretary of ESCAP, Armida Salsiah Alisjahbana said.
The AGIC project will facilitate the development of investment-ready projects in strategic green transition sectors and develop an innovative tool to match these projects with investors. This pioneering approach aims to create a sustainable pipeline of investment ready green projects across ASEAN for cross-border investors, attracting FDI to the region and demonstrating the UK’s commitment to leveraging technology and innovation in climate action. It will also deliver capacity building support to ASEAN Investment Promotion Agencies and contribute towards the ASEAN Investment Forum in 2025 and 2026 to showcase green investment ready opportunities to investors.
Fibre2Fashion News Desk (RR)
