Going Green can help generate more jobs in ASEAN
This was according to a report by Asian Development Bank (ADB), which further identified five areas that would support a post-COVID-19 recovery through greener development.
They include productive and regenerative agriculture, healthy and productive oceans, sustainable urban development and transport models, circular economy models, and renewable and efficient energy.
While some countries have already begun supporting a green recovery, ADB director general for South-east Asia Ramesh Subramaniam thinks more must be done. This could come in the form of encouraging additional green stimulus, carbon pricing schemes and reducing dependence on fossil-fuel intensive power, he said.
The report further outlined several policies that countries can adopt to push for a greener economic recovery, such as introducing carbon pricing, intensifying research on green technologies and encouraging female entrepreneurs to participate in green business opportunities.
South-East Asian governments will also need to identify sustainable sources of financing that will fund climate-friendly infrastructure investments and leverage green growth opportunities, said ADB.
It recommended countries adopt financing approaches such as mobilising domestic resources through environmental and carbon taxes, reducing subsidies for fossil fuels, engaging private investors, and leveraging public and private finance through green funds such as the ASEAN Catalytic Green Finance Facility, according to The Business Times.