The OPEC Fund for International Development (OFID) and the Asian Development Bank (ADB) have joined forces in a co-financing agreement to provide support for Thailand’s new economic model focused on sustainable development.
To bolster Thailand’s bio-circular green (BCG) economy, the OPEC Fund is granting a technical assistance fund of US$500,000. This initiative is part of Thailand’s ambitious vision of transitioning into a value-based and innovation-driven economy known as “Thailand 4.0.”
Abdulhamid Alkhalifa, the Director-General of the OPEC Fund, expressed that the technical assistance provided by their organization will enhance the capacity of the Thai government to integrate the new bio-circular green economy model into national development strategies. The OPEC Fund aims to promote sustainable growth and inclusiveness through their support, in alignment with the Asian Development Bank’s commitment to sustainable development.
Warren Evans, ADB Climate Envoy, emphasized that their partnership with the OPEC Fund will build upon global best practices and facilitate the application of these innovations into locally relevant approaches and pilot projects. This collaboration is expected to accelerate green development in Thailand. Evans further expressed the ADB’s endorsement of Thailand’s ambitious economic model, BCG.
The project will be administered by the ADB in close collaboration with Thailand’s National Science Technology and Development Agency. Funding for the project is also provided by the “Republic of Korea e-Asia Knowledge Partnership Fund” and the Australian government.
Thailand’s BCG model aims to promote sustainable agriculture, clean energy, responsible consumption, and production, as well as the conservation and responsible utilization of biodiversity. It is projected to attract nearly US$23 billion in new investments by 2030, with an estimated 85% of the contribution coming from the private sector.
The grant provided by the OPEC Fund will assist in identifying investment opportunities and supporting growth in key sectors of the BCG model, including agriculture and food, energy, materials and biochemicals, wellness and medicine, tourism, and others.
