| Project Detail |
The proposed TA will support DMCs to adopt environmentally sustainable growth trajectories through the provision of targeted technical support, policy advice, knowledge sharing and capacity building.
The TA will deliver regional diagnostic and analysis studies on key environmental issues, support identification and development integrated solutions including innovative financing mechanisms, operationalize the NSFH and associated knowledge generation and sharing activities. This will enable DMCs to tackle the triple crises of climate change, pollution, and biodiversity loss based on a clear understanding of the impacts of these crises and provide effective guidance on the solutions to mitigate these impacts and enable operational teams and stakeholders to develop and finance integrated, cross sectoral project pipelines.
Project Name Enhancing Environmental Sustainability through Inclusive, Integrated Solutions (formerly Mainstreaming Circular Economy Approaches for Sustainable Development)
Project Number 57024-001
Country / Economy Regional
Project Status Active
Project Type / Modality of Assistance Technical Assistance
While the Asia and Pacific region has had impressive economic growth in the recent past, this has been uneven across and within countries of the region and been accompanied by resource depletion and environmental degradation. Driven by unsustainable production and consumption, we are currently using 25% more natural resources than the planet can sustain. While having a devastating impact on natural resources, this is also propelling climate change, destroying nature and raising pollution levels, the triple crises. At risk are the hard-fought regional development achievements, as with 63% of Asias GDP or $19.5 trillion of economic activity dependent on nature, continuing depletion will undermine current social and economic gains and future growth potential.
Development challenge. Environmental sustainability is a critical component of sustainable development. Yet many assume that economic and environmental interests are in conflict. The pursuit of economic growth over conservation is counterproductive to both ends as achieving a sustainable future will be dependent on our ability to secure both thriving human communities and abundant and healthy natural ecosystems. Eradicating poverty and promoting sustainable livelihoods in the economies in Asia and Pacific requires increasing awareness about and centralizing environment in decision and investment making.
Triple crises -- climate change, pollution, and biodiversity loss. Human activity is driving climate change, biodiversity loss and increasing pollution. Being inextricably linked, biodiversity and healthy ecosystem are needed to respond to climate change, while climate change is a driver of loss and pollution. Climatic conditions affect numerous natural processes such as the water cycle, distribution of plant and animal populations and functioning of ecosystems. In turn, healthy ecosystems play an important role in regulating the climate through carbon sequestration; forests, oceans, wetlands and soil are some of the largest carbon sinks on the planet. Utilizing natural solutions to address climate change challenges can be a cost-effective, scalable way to mitigate GHG emissions and to increase the Earths and humanitys resilience to temperature rises, natural disasters and other climate extremes.
The integrated nature of the triple crisis requires a more thorough understanding of the systematic systems based on in-depth, scientific analyses of the fundamental aspects of the triple crises as it relates to regional and DMC development. Systems can cover landscapes (oceans, coastal, wetlands), multi-sector and be issue based such as waste management. A stronger knowledge base about drivers and effects is needed to develop approaches to address their impacts and, similarly, ensure these are optimum approaches that contribute to multiple objectives for achieving the SDGs and other global agreements designed to achieve climate and sustainable development targets.
While these integrated and nature-based approaches and solutions can generate co-benefits for climate change resilience, biodiversity, carbon sequestration, economic growth, and poverty reduction, the challenge is on linking such positive externalities to actual investments and projects to make them bankable to global pools of capital through capital markets. Barriers such as lack of visibility of NbS in the private sector, suitable financial products including unlocking blended finance, risk solutions, stock of scalable sectoral projects and enabling policies are limiting uptake of NbS.
A coordinated approach is needed to support DMCs to raise awareness and understanding and realize the potential offered by integrated approaches that prioritize environmental sustainability and deliver nature-based finance, investment, and solutions.
Impact
Environmental sustainability in Asia and the Pacific enhanced |
