Transforming ASEAN: Strategies for Achieving Inclusive and Sustainable Growth examines the key opportunities and challenges facing the Association of Southeast Asian Nations (ASEAN) region as it transitions toward a more sustainable, low-carbon economy with greater integration and global recognition. This book was initiated by the Asian Development Bank Institute and the Ministry of Finance of Indonesia in 2023 during Indonesia’s ASEAN chairmanship and builds on the momentum of Indonesia’s successful G20 presidency.
The book brings together more than 20 contributors from the ASEAN region and beyond to discuss pathways for ASEAN’s sustainable transformation. It is divided into three parts, each focusing on crucial aspects of current transitions. Part I examines the dynamics of Southeast Asia’s low-carbon economy, exploring strategies to reduce carbon emissions and foster environmentally friendly practices. Part II examines the importance of investing in a new sustainable economy, highlighting the potential for ASEAN regional economic integration, green growth, scientific innovation, and new business models. Finally, Part III explores how ASEAN can contribute to multilateral cooperation, emphasizing the significance of collaborative efforts on a regional and global scale, such as through the G20.
With policy recommendations and case studies, the book aims to support and offer timely insights and robust policy guidance to governments, policymakers, financial institutions, and stakeholders in the pursuit of climate commitments and Sustainable Development Goals. It underscores the need for collaboration and investment in knowledge-building and sharing among public and private stakeholders to effectively address the complex challenges of achieving inclusive and sustainable growth in ASEAN.
The report outlines a comprehensive strategy for achieving sustainable and inclusive economic growth in the ASEAN region, emphasizing the critical need for climate action, economic integration, and enhanced regional cooperation. The report is structured into three key sections:
1. Driving Southeast Asia’s Low-Carbon Economy
Key Focus: Transitioning to a low-carbon economy through energy transformation and climate resilience.
Highlights:
Climate Change Challenges: The region faces significant environmental threats, including rising greenhouse gas emissions from agriculture and deforestation.
Policy Recommendations: Investment in renewable energy, adoption of carbon capture technology, and enhanced energy efficiency.
Implementation Challenges: Energy transition policies require investment, regional coordination, and addressing socioeconomic inequalities.
2. Investing in a New and Sustainable Economy
Key Focus: Economic resilience through innovation, food security, and sustainable finance.
Highlights:
Digital and Green Growth: Emphasis on digital economy expansion and green investments.
Food Security: Adoption of innovative agricultural practices like crop diversification and water management to combat climate impacts.
Finance & Investment: Mobilizing public-private partnerships to enhance food security and promote sustainable economic growth.
3. Deepening the G20 and ASEAN’s Multilateral Legacy
Key Focus: Strengthening ASEAN’s global role through strategic partnerships and multilateral cooperation.
Highlights:
Global Economic Role: Enhancing trade integration and supply chain resilience in collaboration with the G20.
Strategic Partnerships: Strengthening ties with global powers like China, the U.S., Japan, and the European Union.
Governance & Cooperation: Promoting policy harmonization and mutual cooperation on global economic challenges.
Conclusion
The report emphasizes that ASEAN’s sustainable development depends on balancing economic growth with environmental protection. Regional cooperation, investment in digital technologies, sustainable agriculture, and low-carbon energy systems are crucial to ensuring resilience against climate change and promoting inclusive growth. Through strategic international partnerships and knowledge sharing, ASEAN can emerge as a global leader in sustainable development.