H.E. Hem Vanndy, Minister of The Ministry of Industry, Science, Technology & Innovation (MISTI), on November 22, 2024 received a delegation from the World Bank to discuss advancing Cambodia’s green industry transformation through the Industrial Energy Efficiency Financing Program (IEEFP) aimed at supporting industrial enterprises to adopt energy-efficient practices.

During the meeting, Minister Vanndy underscored the need to balance environmental goals and economic realities. “Cambodia’s industries face rising demands for carbon neutrality. Transitioning to green practices must be cost-effective to ensure competitiveness, especially as we approach LDC graduation in 2029,”he said.

The IEEFP includes a $30 million credit line to finance energy efficiency in the industrial sector. The World Bank reiterated its commitment to facilitating Cambodia’s transition to greener industrial practices, emphasizing that meeting international market requirements is essential to retaining and attracting investment. 

In addition to financing, the project will build the capacity of stakeholders, including officials of MISTI and the Ministry of Mines and Energy, as well as promoting energy audits and regulatory frameworks.

Minister Vanndy asked the World Bank to focus green financing access for small and medium enterprises (SMEs) to support sustainable growth in the industrial sector.