In this photo released on Jan 28, 2024 by the Association of Southeast Asian Nations, the ASEAN Senior Officials Meeting took place in Luang Prabang, Lao PDR, with the participation of officials from the member states. (PHOTO / ASEAN'S NEWS RELEASE)

VIENTIANE - As member countries of the Association of Southeast Asian Nations (ASEAN) pursue a low-carbon growth path to mitigate climate change impacts, key representatives from public and private sectors gathered in Lao capital Vientiane to discuss ways to unlock the finance needed for a resilient and inclusive transition across the region.

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As part of the 27th meeting of ASEAN Senior Level Committee on Financial Integration, the Lao central bank, the Bank of the Lao PDR (BOL), in collaboration with the International Finance Corporation (IFC), co-hosted a regional conference to convene top decision-makers from governments, financial institutions, and industries, Lao News Agency reported on Wednesday.

The discussions focused on a range of topics, including regulators' vital role in creating a supportive and enabling environment for green finance flows, hindrances to scaling climate finance in the region, and opportunities and challenges for the private sector to attract finance for climate-smart initiatives

The conference took place in Lao capital Vientiane on Wednesday under the theme of "Promoting Green Finance in ASEAN." The conference was attended by almost 140 finance regulators and officials representing ASEAN member countries, pertinent ministries in Laos, development partners, business associations, financial institutions, and other stakeholders.

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The discussions focused on a range of topics, including regulators' vital role in creating a supportive and enabling environment for green finance flows, hindrances to scaling climate finance in the region, and opportunities and challenges for the private sector to attract finance for climate-smart initiatives.

Speaking at the conference, Deputy Governor of the BOL, Vathana Dalaloy, said "Amidst the urgency of climate action, channeling finance into the green and environment-friendly projects that help drive our sustainable agenda requires a multi-pronged, multi-stakeholder response."

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She said that this conference could leverage the insights and experience of both the public and private sectors across the region to scale up sustainable financing flows into the region to realize the climate and development targets of one of the most dynamic economic blocs in the world.

With IFC's support, the Lao central bank is developing a sustainable financial policy framework to establish standards and guidelines for green lending and issuance of thematic bonds while building the capacity of regulators and market participants in the country, according to the report.