Illustrative photo (Source: VNA) The report identifies five areas that support apost-COVID-19 recovery through greener development, namely productive andregenerative agriculture, healthy and productive oceans, sustainable urbandevelopment and transport models, circular economy models, and renewable andefficient energy.
“This report highlights key policy priorities for SoutheastAsian economies that can help ensure that both socioeconomic and environmentalaspirations are served in their pursuit of economic recovery,” said ADBDirector General for Southeast Asia Ramesh Subramaniam during a webinar on July6.
“While several countries in the region have begun to support a greenrecovery, more needs to be done. We must encourage additional green stimulus,design carbon pricing schemes, reduce dependence on fossil-fuel intensivepower, and attract private sector investors to large-scale renewable energy,sustainable transport, and clean urban projects,” Subramaniam said.
To implement a green recovery, Southeast Asian governmentsneed to identify sustainable sources of financing that will fundclimate-friendly infrastructure investments and leverage green growthopportunities.
According to the report, financing approaches should includemobilising domestic resources through environmental and carbon taxes, reducingsubsidies for fossil fuels, mobilising private investors by addressing risksrelated to green investments, and leveraging public and private finance throughgreen funds such as the ASEAN Catalytic Green Finance Facility. Finally, strongcollaboration among neighboring economies and new partnerships with variousstakeholders should be forged to ensure benefits accrue throughout the region.
ADB is committed to achieving a prosperous, inclusive,resilient, and sustainable Asia and the Pacific, while sustaining its effortsto eradicate extreme poverty./.
VNA
