Brunei Darussalam, like many other economies, is transitioning to a lower carbon or cleaner economy. Therefore, it appreciates the clean economy pillar of the Indo-Pacific Economic Framework for Prosperity (IPEF) as it can enhance cooperation and partnership among the framework partners.
This was said by Minister at the Prime Minister’s Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah during the IPEF virtual ministerial meeting recently.
During the meeting, joined by Acting Permanent Secretary (Economy, Trade and Industry) Mohammad Harris bin Brigadier General (Rtd) Dato Paduka Haji Ibrahim, the minister also welcomed the capacity-building programmes under the IPEF pillar on fair economy.
The virtual meeting brought together IPEF ministers to discuss the progress of negotiations, with the objective of concluding dialogues on the framework pillars – clean economy and fair economy.
They highlighted the importance of the framework and its benefits, such as technical assistance and capacity building, all of which will support IPEF partners in implementing the commitments envisioned under these pillars. The meeting also saw the United States’ Department of Commerce announced that its International Development Finance Corporation had approved USD300 million in financing for sustainable infrastructure projects, which will be made available to eligible IPEF partners under the clean economy pillar.
The investment, it said, will mobilise up to USD900 million of equity capital that will be deployed through I Squared Capital, a global infrastructure investment manager, to invest in areas such as climate change mitigation and adaption, including impactful and sustainable investments across renewable energy, resource recovery and digital infrastructure.
