COVID–19 NEWS   Japan registers record 250,403 COVID-19 cases within past 24 hours | COVID: Malaysia records increase in new cases, fatalities - Dr Noor Hisham | New COVID-19 cases drop 5.2 pct last week - Health Dg  | Witness still COVID-19 positive, Ahmad Zahid's corruption trial postponed | Japan's daily COVID cases top 180,000, set fresh record amid 7th wave | 
BUSINESS

ADB recommends green finance for southeast Asia's economic recovery

07/10/2020 04:36 PM

KUALA LUMPUR, Oct 7 -- Asian Development Bank (ADB) urges policymakers in Southeast Asia to use green and innovative financing approaches to help catalyse the estimated US$3.1 trillion (US$1=RM4.15) investments required for climate-adjusted infrastructure in the region by 2030.

In its newly-launched book titled Green Finance Strategies for Post-COVID-19 Economic Recovery in Southeast Asia, ADB said the investments from both public and private sources will be critical to the region’s economic recovery from the COVID-19 pandemic.

“Green finance refers to all financing instruments, investments and mechanisms that contribute to climate and environmental sustainability goals. It aims to reduce greenhouse gas emissions, boost climate resilience and improve environmental protection such as air and water quality, ecosystems and biodiversity,” it explained in a statement.

The book explores innovative, environmentally sustainable and climate-resilient financing instruments such as green and transitions bonds for COVID-19 recovery, blue credits for oceans financing, and green securitisation, while also providing examples of ADB-supported green initiatives.

“While some countries have embarked on green projects and bonds, much more needs to be done to help Southeast Asia’s economies meet their large financing needs and accelerate economic recoveries in a sustainable manner,” ADB said.

Its book recommends governments to use green finance catalytic approaches to build upon national green targets and programmes and steer away from fossil fuel or carbon-intensive investments.

With a growing green finance market in developing Asia, the bank committed US$6.5 billion in climate finance from its own resources in 2019

It aims to reach a cumulative US$80 billion from 2019 to 2030 in climate financing under its Strategy 2030 with a commitment to make 75 per cent of all ADB projects climate relevant by 2030.

Meanwhile, vice-president Ahmed M Saeed said a green recovery for Southeast Asia was needed to encourage long-term, sustainable job creation in the region with more than 650 million people.

“It will boost equitable growth, protect the environment, and help governments meet the Paris climate agreement targets. This timely book shows how green finance can spur growth in the region and overcome the challenges of climate change and a global pandemic,” he said in a statement today.

-- BERNAMA


Bernama is the trusted source of reliable real-time comprehensive and accurate news for both the public and media practitioners. Our news is published at www.bernama.com ; BERNAMA TV on: Astro Channel 502, unifi TV Channel 631, MYTV Channel 121 IFLIX; and Bernama Radio broadcasting locally on FM93.9 in Klang Valley, Johor (FM107.5), Kota Kinabalu (FM107.9) and Kuching (FM100.9).

Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial

© 2022 BERNAMA   • Disclaimer   • Privacy Policy   • Security Policy