Cambodia is paving the way for a greener future by setting clear guidelines for climate action, according to a senior official at the Ministry of Environment.
Ministry secretary of state Tin Ponlok said the nation requires between $500 million and $1.8 billion to put into action a long-term strategy aimed at neutralising carbon emissions.
Speaking at a bilateral meeting with the Green Climate Fund (GCF) on August 8, Ponlok reiterated Cambodia’s commitment to tackling climate change. This priority is embedded in a fresh five-point strategy that focuses on both adaptation and reducing greenhouse gas emissions.
“To achieve this, Cambodia needs about $7.8 billion to implement the Nationally Determined Contribution [NDC] under the UN Framework Convention on Climate Change [UNFCCC] and needs from $500 million to $1.8 billion for the implementation of a carbon-neutral long-term development strategy,” Ponlok said.
He urged the GCF to focus on the carbon-neutral strategy through several projects. These include the creation of the Cambodian climate finance fund, priority banking projects accredited by the GCF, climate adaptive irrigation, sustainable agriculture for resilience, and the accreditation of entities to the GCF. It also encompasses climate-resilient infrastructure, such as rural roads, among other initiatives.
Alongside the meeting, the environment ministry held joint talks with the International Fund for Agricultural Development (IFAD) and the Global Green Growth Institute (GGGI). They discussed possibilities for more effective cooperation in the battle against climate change.
Earlier this year, in February, the ministry announced the Long-Term Strategy for Carbon Neutrality, which is projected to boost Cambodia’s annual gross domestic product (GDP) by nearly three per cent and create almost half a million jobs by the year 2050.
Minister Say Samal has previously reinforced Cambodia’s dedication to climate commitments under international agreements.
He stated that Cambodia is firmly fulfilling its obligations under the UNFCCC. Being the second least developed country in the world, and the first in ASEAN to initiate this strategy, our goal is to reach net-zero emissions by 2050.