US Democratic victory may have limited impact on climate finance for SE-Asia: Experts at COP31

Résumé détaillé

But experts said that it may help to appropriate funds for US investments in clean energy technology innovation. Read more at straitstimes.com.

Climate finance, or funds that developed countries like the US are obliged to contribute to developing countries, is a key topic of discussions at the climate summit.

ANTALYA, Turkey — The victory of the Democrats in the Nov 3 US mid-term elections may inject some positivity into the ongoing talks at the UN climate conference COP31, but observers say this is unlikely to immediately translate into more green investments into South-east Asia.

The developing region would likely need to continue relying on regional governments, multilateral development banks and private capital to finance its energy transition, experts told The Straits Times.

Climate finance, or funds that developed countries like the US are obliged to contribute to developing countries, is a key topic of discussions at the climate summit.

COP31 kicked off on Nov 9 in the Turkish city of Antalya and is expected to conclude on Nov 20.

Such funds are meant to help poorer nations cut emissions and protect their people from climate impacts.

Developing countries are expected to call on richer nations to provide more clarity about when funds will flow, and in what form – such as whether it will be disbursed as grants or loans, which could entrench debt.

South-east Asia will require US$281 billion (S$361 billion) a year by 2035 to fund its energy transition, according to an October report by energy think-tank Ember.

But the Trump Administration has pulled funds out of overseas climate projects, including those in South-east Asia. This includes the Just Energy Transition Partnership agreements with Indonesia and Vietnam to help them transition away from coal.

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