Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Investing News

ADB says green recovery critical for Philippines amid climate challenges

by
July 6, 2022
in Investing News
0
ADB says green recovery critical for Philippines amid climate challenges
0
SHARES
17
VIEWS
Share on FacebookShare on Twitter
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

ShareTweetPin

Related Posts

Senate grills Rodriguez on approval procedures for sugar import order
Investing News

Senate grills Rodriguez on approval procedures for sugar import order

August 23, 2022
Trade dep’t expecting sugar price monitoring report by Friday
Investing News

Trade dep’t expecting sugar price monitoring report by Friday

August 23, 2022
Fisherfolk seek halt to reclamation on municipal fisheries
Investing News

Fisherfolk seek halt to reclamation on municipal fisheries

August 23, 2022
Supreme Court rules petitioners have no standing in PDS ‘monopoly’ case
Investing News

Supreme Court rules petitioners have no standing in PDS ‘monopoly’ case

August 23, 2022
ERC signals planned overhaul of regulatory practices via benchmarking exercise with regional counterparts
Investing News

ERC signals planned overhaul of regulatory practices via benchmarking exercise with regional counterparts

August 23, 2022
Malaysian trade official urges PHL to sign up for RCEP  
Investing News

Malaysian trade official urges PHL to sign up for RCEP  

August 23, 2022
Next Post
Tech upgrades seen required to close 40% yellow corn supply-demand gap

Tech upgrades seen required to close 40% yellow corn supply-demand gap

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
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!
 

Recommended

Shares up on PMI data, firms’ positive Q2 results

Shares up on PMI data, firms’ positive Q2 results

August 2, 2022
Government’s failure to deliver on Net Zero is not only to blame for the UK not meeting targets     

Government’s failure to deliver on Net Zero is not only to blame for the UK not meeting targets     

July 7, 2022
How to stay happy, healthy and vibrant

How to stay happy, healthy and vibrant

June 17, 2022
Russia attacking Ukraine food targets to scare world, says regional governor

Russia attacking Ukraine food targets to scare world, says regional governor

June 9, 2022
PSEi inches up ahead of June inflation report

PSEi inches up ahead of June inflation report

July 4, 2022
A widow as role model

A widow as role model

July 20, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.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.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.