AKP Phnom Penh, February 20, 2025 --

The Association of Banks in Cambodia (ABC) and the Asian Development Bank (ADB) have co-organised a consultation workshop on the ADB Climate Banking Accelerator Programme for Cambodian banks.

The consultation workshop was conducted at Hyatt Regency Phnom Penh early this week with roughly 100 participants from banking institutions and relevant stakeholders.

According to a press release issued on Feb. 20, the programme aimed to increase the capability of specific financial institutions (Fis) through a variety of advising activities that complement FI's net zero pathways and the goals of the Paris Agreement, and lead to more bankable climate finance product pipelines.

The session also provided an overview of advisory modules and implementation support provided by ADB’s Climate Banking Accelerator Programme, and identify and connect with financial institutions interested in advisory services under the programme.

Climate change is no longer a distant threat but a present reality, said Mr. Dith Sochal, Chairman of the ABC’s Sustainable Finance Committee, adding that rising temperatures, extreme weather events, and environmental degradation are impacting economies, communities, and ecosystems across the globe, and Cambodia is no exception.

He continued that the ABC alongside its members has set sustainable finance as the prioritised agenda.

“We are committed to elevating the performance in these areas, aligning with the ASEAN Taxonomy and Cambodian Sustainable Finance Roadmap to promote sustainable finance practices, enhance capacity and knowledge, advocate for supportive policies, and foster collaboration and partnerships.” Mr. Sochal added.

Cambodia faces a significant climate financing gap, and banks and financial institutions have a key role to play in mobilising finance for mitigation and adaptation, said Mrs. Jyotsana Varma, ADB Country Director for Cambodia.

"Working together with our partners in the National Bank of Cambodia and the Association of Banks in Cambodia, the Asian Development Bank is delivering a targeted technical assistance programme, the Climate Banking Accelerator, to help financial institutions to assess climate-related risks and opportunities, and develop innovative finance instruments to encourage climate investment by the private sector,” she said.

In 2023, ADB approved Technical Assistance: Accelerating Private Sector Development for Green and inclusive growth in Southeast Asia to build capacity of private sector financial intermediaries in Southeast Asia to drive the economic shift to low carbon and climate resilient growth.

By Chea Vannak