ERIA Tables Pathways for a Net Zero Economy at ASEAN Senior Economic Officials Meeting and East Asia Summit Countries (SEOM EAS Meeting)

Vientiane, 14 July 2024: ERIA was invited to participate in the 13th ASEAN Senior Economic Officials Meeting and East Asia Summit Countries (SEOM-EAS) Consultations in Vientiane, Lao PDR, chaired by Saysana Sayakone, Director General of the Department of Trade Negotiation and Economic Cooperation, Ministry of Industry and Commerce, Lao PDR. Dr Aladdin D. Rillo, Managing Director for Policy Design and Operations at ERIA, presented ERIA's discussion paper on 'Navigating the Path to a Net-Zero Economy: Decarbonisation and Sustainability Initiatives in East Asia Summit (EAS) Countries' during the SEOM-EAS Consultations.

Dr Rillo stated that economic growth in East Asia Summit countries is mainly supported by trade and market integration, and that the region's GDP growth exceeded global growth from 2000 to 2023, with ASEAN projected to collectively become the fourth largest economy by 2050. EAS countries contributed to more than half of global GDP in 2023, with ASEAN, China, and India driving the region's dynamism. He also noted that the efficient manufacturing sector in EAS countries has contributed to about 60% of the total productivity gain in the region, and the proportion of the EAS countries' population living below the poverty line had more than halved in 2020 compared with 2010. Therefore, it is imperative for EAS countries to attain a net-zero economy using an Integrated Sustainability Approach.

Dr Rillo also reiterated that decarbonisation targets and sustainable development goals need to be well embedded in the market integration process as part of the new Public-Private People Partnership (PPPP) construct, grounded in social equity and economic inclusivity. Such a construct at the regional level will generate long-term value for economic growth by balancing natural, social, human, and financial capital values. Dr Rillo also highlighted several possible initiatives to implement ERIA's recommendations, which included, amongst others, the utilisation of the Asia Zero Emission Centre (AZEC), soon to be launched at ERIA in August 2024, as an enabling platform for continuous engagement and meaningful consultation on the net-zero and decarbonisation pathways. Additionally, he mentioned the development of strategic research programmes under the three pillars while fostering discussions amongst the AZEC Community members.