The Asian Development Bank, which partnered Indonesia to launch its first coal retirement deal last November, said that completing one of these transactions is key to providing others with a model to follow.
Watchdog representatives point to the multilateral lender’s wanting track record in ensuring that project-affected communities are adequately consulted when private sector players are involved. The ADB says that a traditional model of lending and grant-making is no longer sufficient to meet funding needs.
This is equivalent to up to six million jobs that could be created in the region by 2050, said McKinsey’s Vaibhav Dua in a presentation at an Asian Development Bank symposium in Bali, Indonesia.
The international association notes that transition finance is often criticised for opening the door to greenwash, but recommends a nuanced approach where firms that need help in shifting away from carbon-intensive activities comply with disclosure requirements instead.
Climate change poses serious challenges to the world’s food system. Implementing sustainable practices can help bolster climate resilience in agricultural production.
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