Global influencers initiative on shifting financial flows
As of: May 2020
Objective and activities
The “Shifting financial Flows to invest in Low-carbon Development in Southeast Asia” (SHIFT SEA) project encourages this shift of financial flows to low carbon development in Indonesia, the Philippines and Vietnam. Combining the expertise and resources of several local and international organizations, the project engages with a variety of stakeholders through research, high-level convenings, coalitions and capacity building to influence local and national policy making and investment frameworks in favour of renewables and energy efficiency. SHIFT SEA provides guidance to the public and private sectors, empowering local actors to activate the change of financial flows and support green financing in Southeast Asia. To complement the bottom up action, SHIFT SEA also assesses the quality of international financial institutions (IFIs) investment flows against their Paris Agreement commitments, and reviews regulatory indicators for achieving sustainable energy.
State of implementation/results
The project is completed. The SHIFT SEA project has helped pave the way towards faster and more effective progress in shifting policies and financial flows towards low-carbon solutions in Southeast Asia. Main achievements include:
- Defined priority action areas (seforall.us3.list-manage.com/…) for operating the shift in Indonesia, Vietnam and the Philippines. Decisionmakers in these three countries can now refer to 5 priority action areas and recommendations identified by the SHIFT SEA project (seforall.us3.list-manage.com/…).
- Created and/or strengthed multi-stakeholder coalitions in the three target countries. To foster collaboration between government, private sector, academia, civil society and financier for policy development and active implementation: JIRE, the Indonesia Low Emission Network (seforall.us3.list-manage.com/…); VCCA, the Vietnam Coalition for Climate Action (seforall.us3.list-manage.com/…) and Aksyon Klima Pilipinas in the Philippines (seforall.us3.list-manage.com/…).
- Proposed a priority policy on energy efficiency to the Indonesian government. JIRE’s network generated an energy efficiency policy proposal (seforall.us3.list-manage.com/…) that was submitted to the new government and triggered the process for defining a new Energy Efficiency Roadmap for Indonesia, led by the Minister of Energy and Mineral resources.
- Supported the greening of the public and private financial system through the publication of two assessment reports (seforall.us3.list-manage.com/…) and meetings with investors. Meetings with banks’ officials triggered internal debates and potential reforms amongst the region’s leading multilateral development banks to align their investment policies with the Paris agreement, especially the Asia Development Bank. Engagement with private banks, high-net-worth families, impact investors and sovereign wealth funds - notably in Singapore and Japan - was positive to drive transformative sustainable investment.
- Boosted solar rooftops and green solutions with grass-roots programs. Local partner GreenID initiated Millions Green Homes (seforall.us3.list-manage.com/…) in Vietnam. ICSC launched CREATE>LEADS in the Philippines for young cooperative leaders to develop business cases that bring renewable energy to their members.
- Shined the spotlight on low-carbon development in Southeast Asia through active media and presence at events. From organizing meetings with top level leaders to wider public outreach and impactful videos (www.seforall.org/…), the project has drawn the attention and increased the pressure at all echelons to shift from coal to renewables during key events such as the UNFCCC COP 24, Asian Clean Energy Forum 2019, Asia-Pacific Climate Week 2019, Asia [RE]volution in the week of the UN Climate Summit 2019. Several op-eds were published in regional and internationals newspapers such as the Khan Korean Daily (seforall.us3.list-manage.com/…), Financial Times (seforall.us3.list-manage.com/…), Asia Times and Nikkei.
- Further Links:
- SHIFTSEA Youtube Channel
- SHIFTSEA webpage (www.seforall.org/…) and #SHIFTSEA (twitter.com/…)
- Factsheet: Delivering a zero-carbon economy in Southeast Asia - how can Indonesia, the Philippines and Vietnam lead the way? (www.seforall.org/…)
- Web article: "Building markets for sustainable cooling technology in Indonesia" (Link will follow soon)
- Web article: “Vietnam to help build low-carbon future” (www.seforall.org/…)
- Report: Taking the Pulse - case study on Philippines (www.seforall.org/…) focusing on projected financing needs for universal energy access (part of the Energizing Finance series 2019, Sustainable Energy for All SEforALL)