Phnom Penh 17th March 2016,
50 representatives of the private sector, Government ministries, NGOs and development partners participated in consultations on opportunities to increase private investment in the climate change response.
H.E. Tin Ponlok, Secretary General of the National Council for Sustainable Development (NCSD), indicated that “private sector funds, globally, represented 60% of total climate change finance in 2014”. While public funds, and in particular support from developed countries are extremely important for Cambodia as a developing and climate vulnerable country, rapid economic growth also offers opportunities to increase the flow of private investments in climate-smart solutions. These investments do not only help address climate change impacts on the economy, they also deliver economic, social and environmental benefits and contribute to sustainable growth in Cambodia.
The discussion was based on an initial study commissioned by the Department of Climate Change of the General Secretariat of the National Council for Sustainable Development (DCC/GSSD) with support from the Cambodia Climate Change Alliance (CCCA), which surveyed a sample of existing climate-related investments covering 85 companies.
The study team presented the scope of existing initiatives in sectors such as renewable energy, energy efficiency, climate-smart agriculture and natural resources management, transport, construction, banking/finance and tourism. Participants exchanged ideas on potential measures to promote further investments in these areas, including regulatory measures, economic incentives, capacity development and awareness-raising. The need to maintain an active dialogue between Government and the private sector on this issues was also highlighted. The results of these consultations will feed into the design of a programme of work between the GSSD and the private sector.