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Tuesday, November 28, 2023
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Thailand Takes Center Stage at UN Assembly, Calls for Global Financial Reform to Drive Sustainable Development

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In a pivotal session of the 78th United Nations General Assembly, the High-Level Dialogue on Financing for Development took center stage, shedding light on the critical role of the global financial architecture in achieving the Sustainable Development Goals (SDGs).

During this crucial gathering, Prime Minister and Finance Minister Srettha Thavisin seized the opportunity to advocate for sweeping reforms within international financial systems. His impassioned call to action was rooted in the belief that such reforms would pave the way for more inclusive avenues of development funding. Prime Minister Thavisin emphasized three fundamental issues that require immediate attention: the equitable participation of developing nations in international financial institutions, the imperative for effective debt management, and the necessity of devising strategies to mitigate the risks associated with mounting indebtedness.

As part of its commitment to driving tangible change in the landscape of development funding across Asia and the Pacific, the Thai government, in collaboration with the Ministry of Foreign Affairs and UNESCAP, has taken the initiative to host a high-profile seminar on October 2nd, 2023. Aptly named “Sustainable Finance: Bridging the Gap in Asia and the Pacific,” this event aspires to comprehensively enhance the mechanisms for regional development funding.

In an unwavering display of its dedication to financial sustainability, Thailand has undertaken a series of impactful measures. Beginning in 2020, the country has issued Sustainability Bonds and is poised to introduce Sustainability-linked Bonds in the coming year. The ambitious ‘Thailand Taxonomy’ project is currently in development, aiming to align investment activities with globally recognized sustainability standards. Moreover, Thailand staunchly supports the expansion of multi-sectoral development banks, an approach designed to fortify capital reservoirs for diverse projects and tackle regional liquidity crises head-on.

In a resounding declaration of its commitment to environmental sustainability, Prime Minister Thavisin unveiled Thailand’s ambitious plans. These visionary initiatives include a strategic roadmap to phase out coal usage entirely by 2040, accompanied by a substantial reduction in greenhouse gas emissions by 2025. These aspirations have been seamlessly woven into the fabric of the National Energy Plan, with particular emphasis on an overhaul of the transportation sector and a robust boost in domestic electric vehicle production. In an earnest effort to mitigate climate-induced vulnerabilities and enhance the livelihoods of Thai farmers, Thailand is actively embracing sustainable agricultural practices.

With an unwavering resolve to foster a greener future, the nation has set its sights on a remarkable objective: to expand green spaces, aiming to envelop 55% of its total land area in verdant cover by the year 2037. Prime Minister Thavisin expressed heartfelt gratitude for the staunch support extended by the United Nations Secretary-General. In doing so, he reaffirmed Thailand’s unwavering commitment to achieving these formidable environmental and financial targets, a commitment that is steadfastly aligned with the universal ambition of attaining net-zero greenhouse gas emissions globally by the year 2050.

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