How can we improve our Policies, Plans and Finance?
The careful planning of climate-smart policies and investments will help South Asian countries uphold their international commitments and boost economic growth.
Updated 15 August 2023
Laws govern the environment, while policies and investments drive climate-resilient development.
Article 7.14 of the Paris Agreement explicitly states that it is necessary to recognize the adaptation efforts of developing country parties, improve the implementation of adaptation actions, and assess the sufficiency and effectiveness of adaptation efforts.
South Asia needs performance-driven budgets recognizing climate risks, reducing emissions, and aligning international, public, and private finances.
Climate Change Analysis on South Asia’s Policy, Planning, and Finance
The IFC found $3.4 trillion in climate-smart investment opportunities in South Asia (2018-2030), covering energy-efficient buildings ($1.5T) and green transport ($950B).
Apart from investments, the World Bank also explains that South Asian countries must focus on people’s resilience to climate change through increased adaptive social protection, economic inclusion, and community-led climate efforts. This will require inter-ministerial and multi-sector cooperation to recognize opportunities to bring together work and public resources.
South Asian countries actively pursue their NDC objectives, implementing climate adaptation practices. They’ve also developed plans like NAPAs and NAPs to identify short and long-term adaptation actions.
Furthermore, in South Asia, governments actively gather climate funds from sources like GEF, GCF, and public funds for resilient development.
At the 26th Conference of Parties, the United Nations established the Glasgow Financial Alliance for Net Zero, which consists of 450 banks, insurers, and asset managers spanning 45 countries. Initially, they are the pathway to accessing climate funds and collectively control US $130 trillion in assets.