According to the panelists, the government has made progress in mainstreaming climate action across sectors, and that the new Pentagonal Strategy sets “sustainability” as one of the foundations for its development agenda for the next 25 years.
Key government agencies such as the Ministry of Economy and Finance are placing increasing importance to identifying new sources of green and inclusive growth, hence panelists emphasized the need to enhance national capacities in evidence-based and informed policy decision-making through tools such as macroeconomic modeling and foresight, as well as results-informed sustainable budgeting.
The panelists highlighted the need for public-private partnerships to drive the implementation of climate action and green economy in the country, including specific opportunities such as an Extended Producer Responsibility (EPR) scheme to reduce plastic pollution, as well as the incentives for green investments under the new Investment Law.
Finally, the speakers call for all stakeholders to actively contribute to green and inclusive growth in Cambodia, highlighting that the country’s objectives to achieve high-income country status and carbon neutrality by 2050 are not mutually exclusive but rather reinforcing each other.
The panel consisted of Sara Monti, responsible Business Hub Coordinator and ajunct Professor at the EuroCham; Taing Men Eang, director of the Green Economy Department at the Ministry of Environment; Pengty Nygor, official of general department of policy at the Ministry of Economy and Finance; and Paolo Dalla Stella, environment policy specialist at UNDP Cambodia.
The Cambodia Climate Change Summit (CCCS) covered topics such as climate financing, the role of renewable energy, energy entrepreneurship, nature-based solutions, water security, innovations in agriculture, sustainable tourism, and regulatory compliance.
It has been held annually since 2021. An exhibition open to the public showcased sustainable solutions applied in Cambodia.
PAGE and Cambodia
Rising temperatures, changing rainfall patterns, and increased frequency of extreme weather events have the potential to disrupt people’s livelihoods and exacerbate inequality. At the same time, climate action has the potential to support Cambodia’s development agenda in line with the new Pentagonal Strategy focusing on growth, employment, equity, efficiency, and sustainability.
Cambodia joined PAGE as a new partner country in 2022. PAGE support comes at a critical time as the government is developing its post-Covid economic recovery strategy, including a pillar dedicated to promoting a more resilient and sustainable economy.
Sources: PAGE Cambodia, CCCS2023, Khmer Times