English
Thailand: Steps to a green recovery
A green recovery from the Covid-19 pandemic in Southeast Asia has the potential to create US$172 billion in investment opportunities annually and generate more than 30 million jobs by 2030, according to a new Asian Development Bank (ADB) report.
“Implementing a Green Recovery in Southeast Asia” considers how green growth can help countries stage an economic recovery from the impacts of Covid-19. It identifies five areas that support a post-Covid recovery through greener development: productive and regenerative agriculture, healthy and productive oceans, sustainable urban development and transport models, circular economy models, and renewable and efficient energy.
“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 recent webinar held to discuss the report.
“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.”
Without concerted actions to address the environmental crises of climate change and biodiversity loss, the region’s long-term growth prospects could be constrained, said Mr Subramaniam. A green recovery from Covid-19 is crucial to ensure an economically and environmentally resilient future.
Other policy options identified in the report include intensifying research on green technologies, encouraging women entrepreneurs to participate in green business opportunities, and managing biodiversity better through open and integrated data systems.
To implement a green recovery, the ADB said Southeast Asian governments need to identify sustainable sources of financing that will fund climate-friendly infrastructure investments and take advantage of green growth opportunities.
According to the report, financing approaches should include mobilising domestic resources through environmental and carbon taxes, reducing subsidies for fossil fuels, mobilising private investors by addressing risks related to green investments, and tapping public and private finance through green funds such as the Asean Catalytic Green Finance Facility.
Finally, strong collaboration among neighbouring economies and new partnerships with various stakeholders should be forged to ensure that benefits accrue throughout the region, said the report.
Source: https://www.bangkokpost.com/business/2351621/steps-to-a-green-recovery