Global and regional leaders from top industries and financial institutions, government officials, scientists, and civil society representatives explored the need for policy cohesion and creating opportunities for sustainable growth in Asia-Pacific during the second Asia-Pacific regional session of the UN Science-Policy-Business Forum (UN-SPBF).

The eight-hour meeting focused on financing equitable green growth in a changing environment, the economic and social impact of climate risk for enterprises, sustainable infrastructure for an equitable and resilient future, and the future of energy transitions. Participants also discussed digital infrastructure and transformation, foundations for circular economy infrastructure, and value-driven development cooperation and its role in creating sustainable infrastructure.

Among key messages that emerged from the meeting, the Earth Negotiations Bulletin (ENB) summary report highlights that there is huge potential for green investment in the Asia-Pacific region, particularly relating to renewables, mobility, circular economy, and all aspects of the energy transition, but also recycling and waste management. Other key messages include:

• Higher legal and regulatory cohesion and clarity across countries are needed to increase private investment in sustainable infrastructure, achieved through both incentives and regulations, and characterized by long-term thinking as well as short-term goals;
• There is a need for clearer taxonomy around green financing to increase the quality of data and bolster investment in sustainable infrastructure;
• Granular-level data that countries, organizations, and businesses can use to measure performance and impacts are vital and need to be policy-driven, to access financial support and generate investor confidence, especially for small island developing States (SIDS) and least developed countries (LDCs);
• The green transformation requires intensified collaboration, and partnerships are critical to addressing financial risk;
• Institutional capacity and the rule of law are important for foreign investment and for successful public-private partnerships (PPPs); and
• Given the impact of climate and other environmental risks, sustainability is critical for the private sector, and business organizations “should go beyond government policies and adopt their own goals and objectives.”

The second regional session of the UN-SPBF for Asia and the Pacific Region (AP-SPBF) convened in Colombo, Sri Lanka, on 3 October 2023. The meeting took place alongside and fed into the fifth Forum of Ministers and Environment Authorities of Asia Pacific. [ENB Coverage of Second Regional Session of the UN-SPBF for Asia and the Pacific Region]