EuroCham and UNDP Cambodia exchanged a Memorandum of Understanding (MoU) during their first forum on green finance on September 30, aiming to support Cambodia to achieve its sustainable development goals by 2030.
During a forum titled "Towards an ESCO Association in Cambodia: Challenges and Opportunities" at Factory Phnom Penh, EuroCham and UNDP Cambodia announced the MoU to ensure that the cooperation will promote Cambodia's sustainable development goals (SDG).
Both parties are collaborating on advocacy activities in eco-tourism, waste management, renewable energy finance access, and recruiting private sector investments geared toward Cambodia's SDG.
The MoU was signed in early August this year.
Sonali Davaratne, Deputy Resident Representative at UNDP Cambodia, said the MoU provides a framework for the cooperation, facilitation, and collaboration between both parties in promoting fair and inclusive business that is socially and environmentally responsible, and in supporting Cambodia to achieve the country’s SDG commitments.
“We look forward to joint efforts in mobilising private sector investments for SDG, including in this instance, the areas of renewable energy and energy efficiency,” she said.
“Today’s forum was an actual good example of what the private sector is facing. Additionally, the Under Secretary of State for the Ministry of Mines and Energy’s presentation emphasised the importance of all sectors working together to confront and deal with the uncertain issues in society,” she added.
Denis Sainte-Marie, EuroCham Executive Director, said that as UNDP has been working on this for a while, he is proud to collaborate with them even closer. “It's quite important to notice that on specific topics, both UNDP and the EU delegation are making a clear shift to the private sectors for achieving results on the ground in collaboration with other stakeholders,” he said.
“Today is a good example because this initiative, as far as I believe, is of high standard. We want to support the business and development that will enable Cambodia to move towards a green economy,” he added. “It's not a belief of today, it's part of the DNA of EuroCham.”
He noted it might be beneficial in terms of competitiveness to place renewable energy as a type of renewable energy since part of the bill might be reduced.
Tom Hesketh, EuroCham’s Deputy Director, said they are excited to collaborate closer with GGGI and UNDP since such partnerships enable them to contribute to the energy transition with greater impact.
“This is an increasingly important topic for European brands sourcing from Cambodia, with Europe representing the destination of 30 percent of Cambodia’s garment exports in 2021,” he said.