Climate change could derail economic progress in the Pacific : ADB

TravelBizNews—

Manila ( ADB) :  Countries in the Pacific should step up their efforts to adapt to more extreme weather conditions and mitigate disaster risks to improve the region’s economic growth and development prospects, according to the latest issue of the Asian Development Bank’s (ADB) Pacific Economic Monitor.

“Many Pacific countries have taken steps to improve resilience, such as integrating climate change adaptation and disaster risk reduction into their national policies, climate-proofing infrastructure, and building financial resilience,” said Carmela Locsin, Director General of ADB’s Pacific Department. “This is very good news, but more innovative approaches and greater institutional capacity can help to respond comprehensively to climate change risks.”

The subregion’s growth outlook for 2018 is adjusted downward slightly to 3.2%, due largely to dampened economic prospects for some of the North Pacific and small island economies. As a positive development, visitor arrivals in the Cook Islands and Fiji—the two largest South Pacific tourist destinations—have recorded strong growth in 2017. Samoa and Vanuatu also saw solid growth from their tourism markets.

The Monitor, ADB Pacific Department’s flagship economic publication, focuses on country issues as well as current and critical policy themes. This edition focuses on climate change adaptation, featuring articles examining the vulnerability of Pacific economies to the impacts of climate change and disasters, and how they are addressing these impacts.

The Monitor examines how national governments in the South Pacific are formulating plans and, with the help of development partners, exploring approaches to finance the interventions necessary to address climate change risks.

A topical policy brief in the Monitor discusses ADB-supported efforts to promote low-carbon development, climate-resilient infrastructure, regional knowledge-sharing, and innovative financing solutions in the Pacific. It also provides a tool kit of options to build financial resilience to the impacts of climate change. These include disaster-contingent lines of credit and sovereign insurance schemes that may be tapped to help Pacific economies recover in the wake of disasters. Another policy brief looks at urban solid waste management in Timor-Leste and strategies to reduce greenhouse gas emissions.

Countries in the Pacific should step up their efforts to address climate change risks to improve the region’s economic growth and development prospects , ADB says.

Dec . 18 , 2017