61. The case for an Indo-Pacific Economic Resilience Bank
- Author:
- Michelle Lyons, Roland Rajah, and Grace Stanhope
- Publication Date:
- 10-2024
- Content Type:
- Commentary and Analysis
- Institution:
- Lowy Institute for International Policy
- Abstract:
- The world faces a triple crisis of economic insecurity, climate change, and stalled development, but there are deep tensions between the policy agendas being deployed to address them. We propose a new Indo-Pacific multilateral bank that can turn these tensions into complementarities. The bank can accelerate clean energy funding by mobilising new public and private capital investments, primarily for projects in the Indo-Pacific’s developing economies. And it can create multilateral economic security by diversifying green supply chains to dilute the current excessive dependence on China. The bank would create benefits for both developing and advanced economies, fostering new industries and diversified, resilient markets while helping build the multilateral cooperation and capabilities needed to construct a more secure and sustainable world.
- Topic:
- Climate Change, Development, Banking, Supply Chains, Economic Security, Energy, and Green Transition
- Political Geography:
- Indo-Pacific