Rockefeller Foundation and Thailand International Cooperation Agency Celebrate 60 years of Partnership during AsiaXchange 2024

BANGKOK, Oct. 2, 2024 /PRNewswire/ -- The Rockefeller Foundation's AsiaXchange 2024 commenced in Bangkok, today, bringing together over 250 stakeholders to accelerate Asia's equitable green transformation. Over the course of three days, "Accelerating Asia's equitable green transformation: Taking a systems approach for climate action" features practical discussions on harnessing a systems approach, driven by synergies between individuals, communities, governments, the private sector, and financiers. This convening also celebrates The Rockefeller Foundation and the Thailand International Cooperation Agency's sixty-year partnership. The goal of this convening is to inspire, connect, and accelerate investment in climate solutions for the region.

During her opening remarks, Deepali Khanna, Vice President of The Rockefeller Foundation's Asia Regional Office, emphasized the 111-year-old philanthropic organization's ambition to bring a transformative shift in climate action. She said, "Asia has a unique opportunity to lead global climate action. With its ambitious commitments, extraordinary leaders, and advanced technologies, the region can build a green, inclusive, resilient future. We're committed to helping our partners realize this vision by ensuring innovative climate solutions reach the frontline communities that need them most."

Elizabeth Yee, Executive Vice President of Program Strategy at The Rockefeller Foundation, inaugurated the convening and set the stage by highlighting Asia's rich opportunity landscape for positioning itself as the leader in climate action. She was joined by Ho Ren Hua, CEO of Thai Wah Public Company, and Albert Park, Chief Economist at the Asian Development Bank, during the opening session discussing Asia's roadmap for balancing the region's economic growth with environmental resilience.

Post the session, the Hon'ble Deputy Prime Minister, Prasert Chantararuangthong, The Government of Thailand, the Chief Guest, at the event, addressed the convening. He highlighted that Thailand, like many countries in the region, understands the urgency of climate action. The country has been advancing its climate action agenda under the climate law (currently under parliamentary review) and through its Nationally Determined Contribution (NDC) of reducing greenhouse gas emissions by up to 40% with adequate international support by 2030, phase-out coal generated power by 2030, carbon neutrality by 2050; and net zero emissions by 2065. To achieve this mission, the Hon'ble Deputy Prime Minister, Prasert Chantararuangthong, Government of Thailand, said, "This is timely for all representatives from across all sectors in Thailand and the region to discuss practical solutions and how to finance them. AsiaXchange shows how philanthropic organizations can play an important role in supporting coordinated, high impact climate action. Thailand stands ready to work with both regional and global partners to share our sustainable development vision. Your expertise, resources, and networks will complement our national climate goals."

He further highlighted the importance of digitization in shaping a sustainable economy and society. He said, "The role of leveraging data in climate resilient planning and in public and private investments is key. Thailand has laid down a 4.0 economic vision for digital transformation across all industries. An example is the establishment of Thailand National Digital Platform, an initiative designed to facilitate the collection, analysis and dissemination of climate related data, enabling informed policy decisions, and targeted interventions."

The morning sessions also featured immersive discussions on green and resilient growth in Asia, led by Zou Ji, CEO of Energy Foundation China, Frank Rijsberman, Director General of Global Green Growth Institute, and Cassady Walters, Managing Director of Power & Climate at The Rockefeller Foundation.

A "Vox Populi" session brought together Asia's formidable voices for COP 29, featuring insights from leaders like CK Mishra, Former Secretary of India's Ministry of Environment, Forest & Climate Change, and Lin Yang, Deputy Executive Secretary of UNESCAP. The afternoon sessions covered a range of climate topics such as climate-informed health action, exploring ways to scale local investments through blended finance; and sharing experiences on net-zero journeys. The United Nations Economic and Social Commission for Asia and the Pacific led a compelling session on multiplying inclusive and sustainable business models. Plan International facilitated an important dialogue on youth voices in climate action across the Asia-Pacific region.

The first day concluded with a welcome dinner, celebrating The Rockefeller Foundation and the Thailand International Cooperation Agency's sixty years of partnership. The Foundation, with over a century of work in Thailand, continues to lead transformative initiatives across the region through its Asia Regional Office in Bangkok.

Over the next two days, through a series of dialogues and discussions, stakeholders will dive deeper into how to drive climate efforts anchored on people-first approach & systemic collaboration and mobilize domestic, regional & international finance that works for Asia.

About The Rockefeller Foundation
The Rockefeller Foundation is a pioneering philanthropy built on collaborative partnerships at the frontiers of science, technology, and innovation that enable individuals, families, and communities to flourish. We make big bets to promote the well-being of humanity. Today, we are focused on advancing human opportunity and reversing the climate crisis by transforming systems in food, health, energy, and finance. For more information, sign up for our newsletter at www.rockefellerfoundation.org/subscribe and follow us on X @RockefellerFdn and LI @the-rockefeller-foundation.

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

Rockefeller Foundation and Thailand International Cooperation Agency Celebrate 60 years of Partnership during AsiaXchange 2024

MUSCAT, Oman, Oct. 2, 2024 /PRNewswire/ -- Standard & Poor's (S&P) has upgraded Oman's credit rating to 'BBB-' from 'BB+' with a stable outlook, driven by improvements in the country's financial performance. This marks Oman's return to investment-grade status after nearly seven years, during which its rating dropped due to the decline in global oil prices and COVID-19.

S&P highlighted that the improvement is a result of continued efforts to enhance public finances through financial and economic reform initiatives and government restructuring. These measures restored the balance between revenues and public spending as outlined in the medium-term financial plan, leading to financial surpluses. Additionally, the government's focus on reducing public debt, improving governance of state-owned enterprises, and lowering debt levels contributed to the positive outlook.

Higher oil prices and the financial measures taken have strengthened Oman's fiscal position, providing flexibility to manage external shocks. S&P expects Oman's budget to generate financial surpluses of 1.9% during 2024-2027, assuming Brent crude prices average $80 per barrel from 2025 to 2027. This would allow the government to continue reducing public debt and building financial reserves. Oman's real GDP is projected to grow by 2% annually, with increased oil production stimulating non-oil sector growth by about 2% per year. The current account is expected to maintain surpluses, averaging 1.2% of GDP during 2024-2027.

S&P emphasized Oman's commitment to reducing public debt, predicting it will reach 29% of GDP by 2027, indicating that liquid assets would remain around 36% of GDP until that year.

Inflation is expected to stay moderate, averaging 1.4% annually during 2024-2027, following a low of 0.9% in 2023. Credit to the private sector expanded by 4.9% in 2023, and lending is projected to grow by 5%-6% annually, supported by favorable credit conditions.

S&P noted that government efforts to manage state-owned enterprises since 2020 have improved governance, operational efficiency, and financial performance, with increased profitability and reduced debt levels. Establishing Oman Energy Development Company (EDO) and Integrated Gas Company (IGC) has also enhanced government financial accounts by reflecting net revenues after oil and gas sector expenses.

Oman's credit rating could improve further over the next two years if the government continues managing public finances as planned, increasing non-oil revenues and improving public expenditure efficiency. These measures would support GDP growth, driven by ongoing momentum in non-oil sectors and continued efforts to promote economic diversification and capital market development.

His Excellency Sultan bin Salim Al Habsi, Oman's Minister of Finance, stated that the upgraded rating reflects the government's commitment to fiscal balance and financial sustainability. This rating enhances confidence in Oman's economy and investment appeal, following positive results from financial reforms, including the Public Debt Law, which strengthened governance and improved the investment environment.

The Minister added that the government remains committed to strengthening public finance indicators and utilizing financial surpluses to promote economic and social prosperity. These achievements result from collaboration between government units, private sector partners, and civil society institutions.

For inquiries:
Muhja Khalfan Al Daairi 
Muhja.daairi@mof.gov.om
+968 99805058

https://www.mof.gov.om/en

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

S&P Upgrades Oman's Credit Rating to 'BBB-' with Stable Outlook