On 31 October, the regional ”Shifting financial flows to invest in low-carbon development in Southeast Asia” (SHIFT SEA) IKI project came to completion. SHIFT SEA has provided guidance to the public and private sectors, empowering local actors to activate the change of financial flows and support green financing in Indonesia, the Philippines, and Vietnam. To complement the bottom-up action, SHIFT SEA also assessed the quality of international financial institutions’ investment flows against their Paris Agreement commitments, and reviewed regulatory indicators for achieving sustainable energy.
During the life of the project, several impactful outputs were achieved. These include,:
- Formation of the Vietnamese Coalition for Climate Action (VCCA) to accelerate low-carbon development in Vietnam
On 23 August 2019, Vietnamese leaders from the private sector, financial institutions, universities, communities, and civil society institutions formed the Vietnamese Coalition for Climate Action (VCCA). Acknowledging that there is still a huge gap between the national emissions reduction targets and the Paris Agreement’s under 2°C temperature goal, the initiative vows to accelerate low-carbon development in Vietnam, powered by renewable energy and its co-benefits for cities, rural communities, and farmers to help the country deliver on its climate goals.
VCCA is a member of Alliances for Climate Action (ACA), a global network of domestic multi-stakeholder coalitions committed to supporting the delivery and enhancement of their countries’ climate goals, collaborating to build a groundswell of climate action across the world. VCCA will engage non-state actors and work constructively with the Government to put mechanisms in place to help meet Vietnam’s climate goals with the urgency required. VCCA will focus on key sectors of the economy, starting with the energy sector, which is both critical for Vietnam’s long-term development and currently responsible for the largest share of the country’s GHG emissions.
VCCA’s action-oriented focus will include championing the massive adoption of renewable energy and energy efficiency measures by commercial and residential buildings in collaboration with the Million Green Homes Initiative. At the same time, the coalition will also promote different programmes such as smart cities, green production, and dual use of land for agriculture and renewable energy.
- Launch of the Million Green Homes program in Vietnam
An ambitious new programme called Million Green Homes aims to bring solar PV and energy efficiency technologies to a million houses or buildings by 2030 in Vietnam, thereby helping the country shift away from its existing fossil fuel dependency.
- Two videos on the transformation towards clean energy in the project´s focus countries:
Video 1 – The Shift to Clean Energy in Indonesia, the Philippines, and Vietnam (VN subtitles)
Video 2 – Solar Rooftops: seeking scale with speed (VN subtitles)
More on # SHIFTSEA; https://www.seforall.org/shift
- Report “Banking on Asia”
This report assesses the level of Paris Agreement alignment within six international financial institutions and multi-lateral development banks working in Southeast Asia. It uses 10 indicators, or metrics, to assess progress on the various facets of climate action, including mitigation and adaptation, climate risk, and greenhouse gas accounting. Development finance institutions across Asia are beginning to implement their commitment to align their financial flows with the goals of the Paris Agreement on climate change. While some have made progress, others appear to have only just begun.
Read the “Banking on Asia” executive summary and full report here: https://www.e3g.org/library/executive-summary-banking-on-asia
- Report “SEA Change: Delivering a Zero Carbon Economy in Southeast Asia”
This report analyses the political and institutional barriers preventing the transition to a low-carbon economy in Vietnam, Indonesia, and the Philippines and identifies five priority action areas to address critical barriers. Action areas include creating a big vision and whole economy narrative; focusing on competitiveness and full-cost benefit analysis; building confidence from the bottom up through at-scale demonstration projects; providing an exit strategy to high carbon actors and assets; and building institutions for long-term change.
Read the “SEA Change” executive summary and full report here: https://www.e3g.org/library/executive-summary-sea-change-deliveringzero-carbon-economy-southeast-asia
- Infographic: Why and How to deliver a zero-carbon economy
This summary infographic is targeted at decision makers in Southeast Asia and provides the answers to the questions WHY and HOW to deliver a zero-carbon economy in in the region. Data sets are extracted from the analysis of the final SHIFT SEA “SEA change” report by E3G