ADB Green Bonds: Issue no. 5

Abstract

Since 2010, Asia and the Pacific region has seen unrivaled economic growth. The growth of real gross domestic product per capita was more than double the world average in 2017, with many countries in the region simultaneously experiencing narrowing income inequality gap. This remarkable progress may have paved the way to reduced poverty and inequality, but it has come at significant environmental costs, undermining prospects for a sustainable future and sustained social development within and beyond the region. Climate change, ocean pollution, and disasters from natural hazards have also placed a heavy burden, especially on the poor and vulnerable. Further, these challenges are magnified by the coronavirus disease (COVID-19) pandemic that has become a global emergency in 2020, requiring forceful action at the national, regional, and international levels. Although it remains uncertain when the COVID-19 pandemic will end, economic and social impacts on the region will be significant.