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Debate erupts over Japan-backed transition finance guidelines for S-E Asia

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Wong Pei Ting

Published Thu, Mar 2, 2023 · 12:01 PM
    • Smoke and steam billows from the coal-fired power plant owned by Indonesia Power. Asia Research and Engagement said two transition finance guidances for Asia appear to validate and promote coal and gas power plant “retrofits”.
    • Smoke and steam billows from the coal-fired power plant owned by Indonesia Power. Asia Research and Engagement said two transition finance guidances for Asia appear to validate and promote coal and gas power plant “retrofits”. PHOTO: REUTERS

    A SINGAPORE-based social enterprise is criticising two sets of South-east Asian transition finance guidelines as adopting Japan’s “aggressive” stance on fossil fuel-based technologies that are unsuitable for this region.

    The issue highlights a fundamental uncertainty for the fossil fuel-dependent region as it tries to transition to a more sustainable footing: What should be allowed to access energy transition financing?

    The report by Asia Research and Engagement (ARE), released on Thursday (Mar 2), took aim at guidelines issued by Jakarta-based Economic Research Institute for Asean and East Asia (ERIA) and by the Asia Transition Finance Study Group (ATFSG) in September 2022. ERIA’s guideline was titled “Technology List and Perspectives for Transition Finance in Asia”, while ATFSG’s was called the “Asia Transition Finance Guidelines”. 

    Green financesustainable financeAsean financeESGGreen taxonomyGreenhouse gas emissionsNet zero

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