ADB boosting environment, climate change investments

MANILA, Philippines — Manila-based Asian Development Bank (ADB) will pour in more resources on environmental sustainability and climate change mitigation in the Asia Pacific region.

In celebration of Earth Day, ADB yesterday said it has partnered with US-based The Nature Conservancy (TNC) for action on nature-positive investments, environmental sustainability and action on climate change in the region.

ADB’s partnership with the global environmental organization will focus on biodiversity and ecosystem protection and restoration, nature-based solutions and sustainable infrastructure.

It will also include coastal resilience, finance for oceans, freshwater, and biodiversity, sustainable urban planning and development, and gender integration and poverty reduction in nature conservation.

ADB vice-president for knowledge management and sustainable development Bambang Susantono said the pandemic has been a wake-up call on the importance of protecting ecosystems and biodiversity to protect humanity.

Susantono said it is vital that economies make the recovery from COVID-19 a green and inclusive one.

“We must take actions that address the root causes of the pandemic and avoid future infectious zoonotic disease outbreaks, promote good health, create jobs that are fit for the future, and support women empowerment and economic well-being through nature-positive investments,” he said.

Under the joint two-year work plan, ADB and TNC will pilot initiatives aimed at sustainable management of coastal ecosystems and catalyzing investment in development planning tools and digital technologies which will improve ecosystem management.

The two parties will cooperate on technical assistance support for coral reef restoration through an innovative financing and insurance initiative. It will also yield knowledge products and activities that will integrate gender equity in promoting nature preservation and climate action.