Deadly Collision Claims 67 Lives in U.S. Air Disaster | At Least 30 Dead and Many Injured in Stampede at Maha Kumbh Mela in India | Chinese President Xi Jinping Affirms Cambodia's Role as a Key Partner in China’s Diplomatic Strategy | Xi Jinping Concludes State Visit to Cambodia, Strengthening Bilateral Ties | Chinese President Xi Jinping Concludes Successful State Visit to Cambodia | Chinese Ambassador: US-China Trade Tensions Harm Developing Nations; President Xi Urges Investment in Cambodia and Expanded Market Access | Japanese Maritime Self-Defense Force Ships Bungo and Etazima Dock at Ream Sea Base for Four-Day Visit | Prime Minister Hun Manet Expresses Displeasure Over Criticism of Chinese Investments During Kampot International Tourist Port Inauguration | Asian Development Bank Collaborates with Cambodia on New Development Projects Worth Over $1 Billion |
Deadly Collision Claims 67 Lives in U.S. Air Disaster | At Least 30 Dead and Many Injured in Stampede at Maha Kumbh Mela in India | Chinese President Xi Jinping Affirms Cambodia's Role as a Key Partner in China’s Diplomatic Strategy | Xi Jinping Concludes State Visit to Cambodia, Strengthening Bilateral Ties | Chinese President Xi Jinping Concludes Successful State Visit to Cambodia | Chinese Ambassador: US-China Trade Tensions Harm Developing Nations; President Xi Urges Investment in Cambodia and Expanded Market Access | Japanese Maritime Self-Defense Force Ships Bungo and Etazima Dock at Ream Sea Base for Four-Day Visit | Prime Minister Hun Manet Expresses Displeasure Over Criticism of Chinese Investments During Kampot International Tourist Port Inauguration | Asian Development Bank Collaborates with Cambodia on New Development Projects Worth Over $1 Billion |

Minister of Economy Urges Collaboration Between Emerging and Developed Economies for Sustainable Development

  • Posted Apr 12, 2022 12:25 by Darshana Gauchan
  • 2666
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PHNOM PENH: The Minister of Economy and Finance, Deputy Prime Minister Aun Pornmoniroth, delivered a speech at the online global event on the ‘Financing of Net Zero Carbon in Emerging Markets’, on Monday. In his speech, he touched upon the crucial need for countries around the world to take concerted action to address climate change and channel investment flows to support sustainable development, energy transition, and achieving net-zero carbon emissions in emerging markets.

The DPM elaborated on some of the challenges Cambodia is facing as a developing country with limited fiscal space and resources, especially in light of the Covid-19 pandemic, to effectively implement sustainable development policy measures.

With the pandemic causing significant set backs and even reversing hard-earned progress towards the sustainable development goals (SDGs), the Deputy Prime Minister said that achieving decarbonization of economic development would be particularly challenging for low-income and developing economies. Hence, he urged for deeper collaboration between emerging and developed economies, which can cover extensive areas such as technology transfer in reduction of industrial carbon emission, re-forestation initiative and EV adoption.

The main three challenges the DPM highlighted were adopting development models that can accommodate different priorities, a financing shortfall, and other labor market challenges. Nevertheless, he said that strengthening resilience for development is a key priority for the Royal Government of Cambodia, particularly under Pillar 3 of the national strategic framework on Economic Recovery in the Context of Living with the Covid-19 in a New Normal 2021-2023, which includes the adoption of digital transformation, climate change adaptation and prioritization of green and sustainable development aligned with the SDGs.

Finally, the DPM informed the panel that Cambodia as the 2022 ASEAN Chair is committed to promoting efforts to expedite the equitable, resilient and sustainable post-Covid-19 recovery process, as reflected under the broad theme of "ASEAN A.C.T: Addressing Challenges Together," which includes a commitment to promoting green development and attracting green investments in the region.


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