‘Green economy’ to fuel growth – ADB

THE Green economy can become an engine of growth in the Asia and the Pacific region, the Asian Development Bank ( ADB) said in a statement on Thursday.

“Around the region, leaders are recognizing that a better quality of economic growth is possible— one that can simultaneously meet aspirations for greater economic prosperity and provide a cleaner and greener future,” ADB President Haruhiko Kuroda said in a forum in India.

Kuroda also outlined steps on how countries in Asia and the Pacific region protect shared natural resources, and called for more private sector involve- ment in the building of green infrastructure. “We must move toward deeper structural and systemic change in the way goods are manufactured and services provided,” he added.

Moreover, the ADB president also noted that as a driver for a new generation of green jobs, green technology could bring a higher quality of life.

“The role of institutions like ADB is to use limited public sector funds to leverage the far more significant amounts of private capital needed to achieve green growth” Kuroda said

The ADB chief added that with its growing markets, still relatively low levels of consumption and the need to fulfill enormous infrastructure requirements, the Asia and Pacific region presents opportunities for green investment.

The Bank also said in the statement that it supports green growth and sustainable development through mechanisms like the Climate Investment Fund. Under the fund, multilateral development banks mobilized $6.5 billion for developing countries and earmarked $2.5 billion for Asia and the Pacific.

The ADB added that because of investments focusing on low- carbon power generation, Asia is becoming a global leader in green investments.

It cited China as an example for being the top installer of wind turbines and solar thermal systems in the world.

The ADB also cited India for having the world’s fifth largest wind power capacity.