ESCAP'S CLIMATE ACTION PRINCIPLES (Syllabus: GS Paper 3 – Env and Eco)

Context: A new report by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) has put forward 10 principles for action for policymakers, regulators and private finance for mobilising and deploying financing for key UN-mandated Sustainable Development Goals, particularly around climate action.

Important  Principles

• Developing new climate finance partnerships 
• Developing policy coherence and capacities across key government ministries
• Taking decisive regulatory action to shift capital in Asia and the Pacific towards the Net Zero transition
• Driving investment in the capacities of financial personnel
• Committing to Net Zero pledges for 2050 with credible transition pathways and including 2030 goals
• Increasing local-currency financing of energy transition projects as well as green technologies and other net-zero investments
• Expanding and accelerating concessional financing and risk-sharing by multilateral development banks, bilateral development financial institutions, and public development banks

United Nations Economic and Social Commission for Asia and the Pacific (ESCAP)

• About: It is the regional development arm of the United Nations for the Asia-Pacific region.
• Establishment: 1947 
• Headquarters: Bangkok, Thailand
• Members: 53 Member States and 9 Associate Members