Brunei Launches Green Economy Framework to Drive Sustainable Growth

The Brunei Ministry of Finance and Economy, in collaboration with the British High Commission, launched the Brunei Green Economy Report on April 16, 2024. The report is part of the UK-Brunei Strategic Dialogue: Brunei Green Economy Framework, which aims to develop a sustainability roadmap to diversify Brunei's economy and help the country achieve its net zero emission commitment by 2050.

The event was attended by the Minister at the Prime Minister's Office and Minister of Finance and Economy II, the British High Commissioner, and other government officials, industry experts, and participants. The report, presented by a consultant from ARUP Singapore, provides an overview of the impacts of climate change on Brunei's economy and identifies opportunities and challenges for developing a green economy.

The Minister of Finance and Economy II emphasized the need to move away from fossil fuels as the main driver of Brunei's economy, and highlighted the importance of a greener, more resilient economy. The report identifies areas of opportunity and challenges for developing Brunei's green economy, which can contribute to production, job creation, and carbon reduction.

The British High Commissioner said the project aims to help Brunei diversify and grow its economy while meeting climate change targets, and the report will provide a platform for further engagement with relevant parties, including Brunei's international partners.

Why this matters: Brunei's Green Economy Framework represents a significant step towards sustainable economic growth and diversification, as the country seeks to reduce its reliance on fossil fuels and achieve net zero emissions by 2050. The framework's success could serve as a model for other countries in the region looking to balance economic development with environmental sustainability.

The event also featured a panel discussion on a pathway to economic resilience, facilitating an exchange of ideas and best practices for a green transition while ensuring economic prosperity. The Brunei Green Economy Report is expected to guide the country's strategies in diversifying its economy and attracting responsible investments in green technologies and sustainable industries, as it works towards achieving its net zero emission commitment by 2050.

Key Takeaways

• Brunei launched Green Economy Report to diversify economy, meet net zero by 2050.
• Report identifies opportunities and challenges for developing Brunei's green economy.
• Brunei aims to move away from fossil fuels, build a greener, more resilient economy.
• UK-Brunei partnership aims to help Brunei diversify economy, meet climate targets.
• Brunei's Green Economy Framework could serve as a model for sustainable growth.