Developing countries in Asia need an estimated $1.1 trillion annually to meet their climate mitigation and adaptation requirements. However, only $333 billion are being invested in climate mitigation and adaptation, primarily sourced from sustainable debt instruments such as green bonds. Public sources contribute more than half of the amount, with the region's environmental track record hindering its ability to draw more private funds even as the environmental, social, and governance asset category expands globally.

With Asia and the Pacific facing a huge gap in climate finance, ministries of finance across the region have a role to play in accelerating climate action.

On 27–28 August, the Coalition of Finance Ministers for Climate Action (CFMCA), a global alliance of fiscal and economic policymakers from over 90 countries, held a meeting in Manila, Philippines to advance climate action in the Asia and the Pacific. The meeting brought together stakeholders from around the region to discuss the role of finance ministries in the nationally determined contribution (NDC) 2025 process, adaptation and resilience, nature finance, and national transition plans.

The meeting was organized by the Philippines’ Department of Finance, in partnership with the CFMCA, led by the Netherlands and Indonesia as co-chairs, the Asian Development Bank (ADB), the United Nations Development Programme, the United Nations Environment Programme, NDC Partnership, and the World Bank.

Agenda and presentations