Cambodia is driving green financing through effective changes in policy, said National Bank of Cambodia (NBC) Governor Chea Serey, while in Brussels, Belgium.
Serey was in Belgium to attend the Francophone Central Bank Governors’ meeting, which was attended by officials from 20 Central banks representing 40 countries in Europe, North America, Africa and Asia. This Francophone bankers meeting is held once in two years to strengthen cooperation between Francophone member countries and exchange views.
The NBC Governor met Nong Sakol, Ambassador of Cambodia to Belgium, Luxembourg, Holland and Austria on June 2. Serey praised the improvement in the relationship between Cambodia and Belgium over the years.
In particular the governor mentioned the cooperation between the National Bank of Cambodia and the Belgian Central Bank over the last two decades.
The Governor mentioned the role of digital monitoring of payments to eliminate fraud. She also spoke about the role of digital payments and QR codes in making transactions easier and more secure in Cambodia; and even with neighbouring countries with cross-border payments.
She said that Cambodians can currently use their Bakong accounts in Thailand, Vietnam and Laos. And soon they’ll be able to do the same in China, India and Malaysia.
In the meeting with the Governors of other Central Banks globally, Chea Serey talked about Central Bank independence in emerging economies. She also talked about what Cambodia had done to improve green financing, including the implementation of a sustainability bond investment swap.
The Governor emphasised the need for Central banks to combat climate change with sustainable financing in banking systems and international reserve investments.
Other Governors spoke on monetary policy in uncertain environments and the need to tackle growing geopolitical tensions. NBC Governor Serey spoke about Cambodia’s support to international funds and financial institutions in green financing and green investment projects.
Even last week, in Tokyo, Japan, Governor Serey spoke about Asia’s progress in achieving carbon neutrality in the annual Nikkei “Future of Asia” 2024 forum. At the forum, the NBC Governor said that net-zero emissions is possible in the not too distant future, while speaking on a panel on “Can Asian region achieve zero goal of greenhouse gas emissions?”
As per a statement, the NBC Governor mentioned the Cambodian Government’s climate goals, the role of the NBC in facilitating sustainable financial flow and financial cooperation in the ASEAN region.