ASEANS Journey to a Greener Economy: Struggling to come toconsensus, to decide a solution

AFMMs are concerned about ASEAN’s growth in terms of environmental sustainability projects, as tackling climate change is an ongoing, pressing issue, mainly the financial struggle to carry out such projects. As such, collaborating with private investments to fund the programmes is essential for the growth of green economies in the world, and most importantly, the development of ASEAN countries as a Green Economy and moving forward

together.

With that, ASEAN countries must come up with solutions to tackle issues such as the

imbalance of opportunities between MNCs and SMEs, which are crucial for the growth in

sectors such as agriculture, economy, and countries that do not have the means to take the

necessary actions to execute the plans to tackle climate change. Additionally, the Council

Members must also agree on a solution that is beneficial for all, while addressing the regulatory challenges and simply addressing the issue of not having sufficient foreign investments.

Initially, countries were only listing the suggestions without hearing each other’s, which put the issue as a halt due to delegates struggling to see each other eye to eye. With more and more suggestions, the council session only led to tensions, unresolved confusion, and mayhem. However, with the EU’s motion of an unmoderated caucus being a success, delegates who approve of the EU's Green Bond Project have come to an agreement.

However, some delegates stuck to their stance, specifically, Timor Leste’s “mangrove” project, despite not getting as much attention. Apart from that. Cambodia wants green investments, agreeing with the Philippines. These groups being formed allowed the council discussion to move forward, being one step closer to a solution of the insufficient funding. Essentially, all countries hope to work together to reach success.

From India’s perspective, attracting green investments can be done through establishing

accountability frameworks about green financing tools, which most voted on as the topic of the moderated caucus. This shows a clear issue that the issue is no longer coming up or agreeing with a solution, but rather to have ASEAN countries implement regulations. The EU then talks about the regulations of investments and the transparency of financial instruments, agreeing with the EU.

The EU feels that ASEAN is facing this issue because of the high risks from the lack of

infrastructural frameworks, feeling that after addressing the regulatory issue, more green

investments would naturally come. Where the delegate of EU states, “the foreign investments in ASEAN are sufficient, however, the issue facing is that the private investments for green projects are too low, this goes to show that the problem isn’t attracting investors, but the reasons as to why they refuse to invest in green sectors. Moreover, Thailand feels that the regulation will attract investments, really supporting the EU.

Russia, however, objects to his stance and wants to address the inability to attract foreign investors. Not due to the unstable regulations. Moreover, Thailand feels that the regulation will attract investments, fully supporting the EU.

In the GSL, China establishes its point of the necessity of tailoring to the needs of all

Companies as well, so the taxonomies don’t cause issues while SME’s adapt and suggest

Simpler reporting and review of suspicious reports not meeting expectations.

Myanmar brings up that the delegates of China and Russia should consider the ASEAN

countries as well, and they are setting a “death trap” which Russia disagrees with as they feel they are willing to sacrifice for them. Essentially, after the various discussions, conversations have become more fruitful and delegates are able to understand each other's perspectives, allowing the appropriate steps to be taken to make ASEAN a green economy. Delegates must continue to stay open to each other's solutions in order to find one that best fits all their needs.

Written by Tay Yong Le, Jomin Ng Min Rui, and Valentino Tan