A green rebound in Southeast Asia after the COVID-19 epidemic may provide $172 billion in investment possibilities and more than 30 million employment by 2030. Southeast Asian countries must recognize sustainable sources of finance to support climate-friendly infrastructure projects and boost green development possibilities in order to carry out a green recovery package.

According to the Asian Development Bank’s report ‘Implementing a Green Recovery in Southeast Asia,’ 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 transportation models, circular economy models, and renewable and efficient energy (ADB). A green recovery from COVID-19 is critical for developing a robust economic and environmental future. Certain actions, however, must be done to address the detrimental effects of climate change and biodiversity loss on the region’s long-term development.

“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 Ramesh Subramaniam, ADB director general for Southeast Asia, during a webinar co-hosted by ADB and ISEAS-Yusof Ishak Institute. “While several countries in the region have started to support a green recovery, much more needs to be done.” We need to promote more green stimulus, develop carbon pricing mechanisms, decrease reliance on fossil-fuel-intensive electricity, and entice private-sector investors to large-scale renewable energy, sustainable transportation, and clean urban projects.”

Other policy choices specified in the paper include expanding research on green technology, assisting women entrepreneurs to contribute to green economic prospects, and better monitoring biodiversity via open and integrated data systems. It goes on to say that financing strategies should include organizing domestic resources through environmental and carbon taxes, reducing subsidies for fossil fuels, attracting private investors by addressing risks associated with green investments, and arranging public and private funds through green funds like the ASEAN Catalytic Green Finance Facility.

Source: fibre2fashion

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