[ad_1]
A green recovery in Southeast Asia post the COVID-19 pandemic may raise $172 billion in investment opportunities annually and create more than 30 million jobs by 2030. In order to execute a green recovery package, Southeast Asian governments have to recognise sustainable sources of financing that will support climate-friendly infrastructure investments and promote green growth prospects.
Five areas that could aid a post-COVID-19 recovery through eco-friendly development are productive and regenerative agriculture, healthy and productive oceans, sustainable urban development and transport models, circular economy models, and renewable and efficient energy, according to ‘Implementing a Green Recovery in Southeast Asia’, a report released by the Asian Development Bank (ADB). A green recovery from COVID-19 is essential for establishing an economically and environmentally strong future. However, certain measures need to be undertaken to deal with the negative impacts of climate change and biodiversity loss on the region’s long-term growth.
A green recovery in Southeast Asia post the COVID-19 pandemic may raise $172 billion in investment opportunities annually and create more than 30 million jobs by 2030. For executing a green recovery package, Southeast Asian governments have to recognise sustainable sources of financing that will support climate-friendly infrastructure investments.
“This report highlights key policy priorities for Southeast Asian economies that can help ensure that both socioeconomic and environmental aspirations are served in their pursuit of economic recovery,” said ADB director general for Southeast Asia Ramesh Subramaniam during a webinar jointly organised by ADB and ISEAS–Yusof Ishak Institute. “While several countries in the region have begun to support a green recovery, more needs to be done. We must encourage additional green stimulus, design carbon pricing schemes, reduce dependence on fossil-fuel intensive power, and attract private sector investors to large-scale renewable energy, sustainable transport, and clean urban projects.”
The report also specifies other policy options such as increasing research on green technologies, helping women entrepreneurs to contribute to green business opportunities, and overseeing biodiversity better through open and integrated data systems. It adds that financing approaches should include organising domestic resources through environmental and carbon taxes, lowering subsidies for fossil fuels, attracting private investors by tackling risks related to green investments, and arranging public and private finances through green funds such as the ASEAN Catalytic Green Finance Facility.
Fibre2Fashion News Desk (NB)
[ad_2]
Source link
