Indonesia, Philippines and Vietnam need $3.7 billion in development finance to meet climate targets: report
The report says the funds are for clean-energy solutions such as rooftop solar panels and offshore wind
Three Southeast Asian nations, Indonesia, the Philippines, and Vietnam, require a total of US$3.7 billion in development finance by 2035 to implement four clean-energy solutions, according to a recent report. The solutions identified are rooftop solar, decentralized energy systems like mini-grids, battery-energy storage systems, and offshore wind.
The report, released at Singapore International Energy Week (SIEW), emphasizes these four sectors due to their capacity to attract commercial capital on a large scale through blended finance structures. The report highlights that blending finance can help mobilize funds for projects that would not have been feasible without such catalytic capital, which is provided by investors with higher risk appetites, including multilateral development banks, development finance institutions, philanthropists, and governments.
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