AUGUSTASIA BUSINESS OUTLOOK9GROWING GREEN BUSINESS INVESTMENTS IN ASIA & THE PACIFIC: TRENDS & OPPORTUNITIESPublic concern about sustainable business practices has grown from the last few years. Going green is gradually becoming a core component of many business strategies today, ranging from retail and manufacturing to financial services. This year a report was found that compared to 2021, 62 percent of banks see environmental and climate change as an emerging risk over the next five years. Organizations would positively impact the environment while also making a profit by incorporating sustainability into decision-making. Green business practices can do more than just raise public awareness. While Asia and the Pacific have made significant progress in terms of doing business, the region requires trillions of dollars to address urgent sustainable growth challenges such as climate change, biodiversity decline, and air and water pollution. With limited public sector funds and development assistance, a much greater flow of private sector investments in environmentally sound practices and technologies, as well as greater development of green business models and jobs, is required.Green Business Development: A Holistic ApproachAs part of a comprehensive approach to recovery from the crisis, we have an opportunity to support green business development. According to one study, investing in nature-positive models in response to the COVID-19 pandemic could result in an annual business value of $10.1 trillion and the creation of 395 million jobs by 2030.This will necessitate both short-term and long-term response and recovery strategies tailored to the context and capacity of each country. This wide range of recommendations vary from direct investments in green supply chains and innovations to strengthening policy, regulatory, and non-regulatory frameworks and incentives for green business development. Critical support will be needed for micro, small, and medium-sized enterprises, which employ the most people in Asia, are the most vulnerable to shocks, and have the greatest potential for transforming the region's business landscape.Strategy 2030 Sets the Course for the ASEANThe Asian Development Bank's Strategy 2030 encourages investments that will foster the growth of green businesses and jobs in Asia and the Pacific. Its operational priorities include addressing persistent poverty by promoting the creation of high-quality jobs, as well as enhancing environmental sustainability by increasing investments in circular economy models and green businesses, jobs, and technologies. IMPRESSIONSBy Avinash Barik, ABO Staff
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