New Zealand To Spend $25M In South East Asia To Reduce Global Greenhouse Emissions

New Zealand on Friday announced to spend $25 million in South East Asia in clean energy transition as part of its efforts to reduce global greenhouse emissions.

Prime Minister Christopher Luxon and Climate Change Minister Simon Watts in a statement said the funds will be spent through Asian Development Bank led Energy Transition Mechanism (ETM).

"The ETM is a transformative initiative that uses public and private finance to accelerate the retirement and repurposing of fossil fuel plants and replace them with cleaner, renewable sources of energy," said Luxon in the statement issued from Manila.

Premier Luxon along with his delegation arrived in Philippines on Thursday on a two-day visit, a first by any New Zealand premier in 14 years.

"Urgent action to significantly reduce greenhouse gas emissions is needed to get on track for 1.5°C and minimize the worst impacts of climate change," he said.

New Zealand is the third financing partner to join a trust fund for the ETM, after Japan and Germany.

According to Watts, the funds will have initial focus on Indonesia, Philippines and Vietnam.

New Zealand and Philippines also resolved to sign a Mutual Logistics Supporting Arrangement by the end of 2024.

Luxon met Philippine President Ferdinand Marcos Jr. late Thursday, and the two reaffirmed their commitment to sustaining maritime security cooperation, including bilateral and multilateral activities at sea, port calls and visits, and capacity-building efforts.

*Writing by Islamuddin Sajid -