Economies in Asia and the Pacific could face a more prolonged COVID-19 recovery and greater climate threats without global action to accelerate sustainable infrastructure development, driven by the Group of 20 (G20), warned Asian Development Bank Institute Dean, Tetsushi Sonobe in keynote remarks during the virtual Global Solutions Summit.
Dean Sonobe stressed the importance of boosting projects that recouple economic, social, and environmental prosperity. He called for enhanced private investment incentives, international tax cooperation, foreign aid, and multilateral agreements to address funding gaps, as well as urban planning that promote digital connectivity, economic equality, and green growth. He also pointed to the need to build support for new infrastructure measures among the general public.
In a separate panel discussion, ADBI’s Linda Arthur said global efforts to adopt a circular economy could reinforce sustainable, infrastructure-backed post-pandemic growth in Asia and the Pacific. The approach could foster production and consumption loops that offset infrastructure costs, reduce environmental pressure, and advance Paris Agreement climate targets, she explained.
Their comments set the stage for new ADBI-led policy research detailing implementation paths for these infrastructure recoupling recovery solutions, now under development in coordination with the Think 20 (T20), the think tank engagement group of the G20, and to be unveiled ahead of the G20 Rome Summit on 30-31 October 2021.
