Eufrocinio Bernabe Jr, assistant secretary at the Department of Finance, making a pitch for the Maharlika Investment Fund at 'Unlocking capital for sustainability' Philippines, says it is an additional source of capital for renewables.

Observers are sceptical if the finance facility can solve the fiscal burdens of the debt-ridden nation. Unlike China and Singapore which run similar mechanisms, the Philippines does not enjoy rich budget surpluses.

Studio EB The Hong Kong-based green data start-up that has helped corporate polluters like energy giant Shell reduce their carbon emissions now wants a slice of the growing ESG pie in Southeast Asia. It launched its Singapore office last month.

The region's multilateral development banks and state investment funds appear to be in flux about how money is raised and funnelled towards the energy transition with carbon pricing splitting views.