Connect with us

Hi, what are you looking for?

News

ADB says green recovery critical for Philippines amid climate challenges

BW FILE PHOTO

THE Asian Development Bank (ADB) said the Philippines must ensure that its recovery is sufficiently green in light of the challenges posed by climate change and declining biodiversity.

The ADB, in a statement, noted that the Philippines is considered one of the top five countries most impacted by climate change, making the sustainability of its post-pandemic recovery measures crucial.

Specifically, the ADB cited issues with Philippine reefs, heavy reliance on marine ecosystems, and the large populations of smallholder fishermen depending on these resources for livelihood and sustenance.

The ADB took note of action taken by the Philippines to address such concerns, including a 2020 moratorium on the development of new coal-fired power plants, and a plan to incentivize private sector investment in renewables such as large-scale geothermal projects.

The ADB also noted the Philippines’ work with the bank on a catalytic financing mechanism under the Green Climate Fund (GCF) to facilitate recovery from the pandemic.

The government’s commitment to fast-tracking its transition to renewable energy from coal is reflected in its target to increase renewables’ share of the energy mix to at least 30% by 2030, the ADB said.

And while some Philippine industries like food processing and construction have specific initiatives, the country still does not have an integrated circular economy plan governing the re-use of minerals, fossil fuels, metals, and biomass.

“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,” ADB Director General for Southeast Asia Ramesh Subramaniam said in a webinar.

The ADB supports a green-recovery approach for Cambodia, Indonesia, Myanmar, Thailand, and the Philippines.

It estimates that if climate change issues are not addressed, it could cost ASEAN economies an estimated 11% of their combined GDP by 2100.

The ADB identified five focus areas with potential for effecting a green recovery: productive and regenerative agriculture, healthy and productive oceans, sustainable urban development and transport, circular economy models, and renewable and efficient energy.

The ADB said that “if leveraged fully, the five green growth opportunities would require approximately $172 billion in capital investment and can create 30 million jobs in Southeast Asia by 2030.” — Justine Irish D. Tabile

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

PHILIPPINE STAR/ MICHAEL VARCAS WASHINGTON D.C. — The United States is seeking to form a coalition of countries to drive negotiations on a global...

News

Buildings are seen along EDSA in Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN By Diego Gabriel C. Robles  THE WORLD BANK (WB) upgraded...

News

Heavy traffic is seen on the southbound lane of EDSA in Cubao, Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN THE PHILIPPINE auto industry’s...

News

REUTERS THE BANGKO SENTRAL ng Pilipinas (BSP) may deliver a second off-cycle rate hike in early November when the US Federal Reserve is expected...

News

Vendors arrange their goods at a public market in Manila. — PHILIPPINE STAR/ RUSSEL A. PALMA THE ASIAN Development Bank (ADB) is planning to...

Editor’s Pick

With the reversal of the 1.25% rise in National Insurance Contributions happening on the 6th of November, employers across the nation have an opportunity...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.