Shifting Financial Flows
The Shifting Financial Flows to Invest in Low-Carbon Development in Southeast Asia (SHIFT SEA) project aims to shift finance away from fossil fuels towards untapped renewable energy sources in Indonesia, the Philippines and Vietnam. These countries have the greatest potential for engaging with stakeholders and supporting changes to policy and investments.
Southeast Asia is one of the fastest-growing economic regions in the world. Its rapid rates of population growth, income and urbanization will boost energy consumption – energy demand is expected to grow by 80% and electricity demand to triple between 2015 and 2040 (IEA). To meet this demand, Southeast Asia has an opportunity to avoid locking in high-emissions coal infrastructure and to shift its financial flows towards a development path made of reliable, affordable and sustainable energy.
The SHIFT SEA project aims to influence local and national policymaking and investment frameworks in favor of renewables and energy efficiency. It provides guidance to the public and private sectors to change financial flows and support green financing in Southeast Asia. It also assesses the quality of investment flows for IFIs (international financial institutions) against their Paris Agreement commitments, and reviews regulatory indicators for achieving sustainable energy.
SHIFT SEA is funded by the German International Climate Initiative (IKI), and led by a consortium of international energy and climate experts including Sustainable Energy for All (SEforALL), Climate Action Network (CAN), Third Generation Environmentalism (E3G) and Mission 2020 (M2020).
It is supported by the local expertise of three in-country organizations: Yayasan Mitra Hijau (YMH) in Indonesia, Institute for Climate and Sustainable Cities (ICSC) in the Philippines and Green Innovation and Development Centre (GreenID) in Vietnam.