siliconindia | | DECEMBER 20229governance funds outperformed traditional investments. Growing environmental awareness has also prompted some governments to direct stimulus funds toward green recovery measures such as investments in green technologies or the establishment of conditions to improve companies' environmental performance.Green Business Development: A Holistic ApproachAs part of a comprehensive approach to recovery from the crisis, we have an opportunity to support green business development. According to one study, investing in nature-positive models in response to the COVID-19 pandemic could result in an annual business value of $10.1 trillion and the creation of 395 million jobs by 2030. This will necessitate both short-term and long-term response and recovery strategies tailored to the context and capacity of each country. This wide range of recommendations vary from direct investments in green supply chains and innovations to strengthening policy, regulatory, and non-regulatory frameworks and incentives for green business development. Critical support will be needed for micro, small, and medium-sized enterprises, which employ the most people in Asia, are the most vulnerable to shocks, and have the greatest potential for transforming the region's business landscape.Strategy 2030 Sets the Course for the ASEANThe Asian Development Bank's Strategy 2030 encourages investments that will foster the growth of green businesses and jobs in Asia and the Pacific. Its operational priorities include addressing persistent poverty by promoting the creation of high-quality jobs, as well as enhancing environmental sustainability by increasing investments in circular economy models and green businesses, jobs, and technologies. Furthermore, ADB intends to expand its private sector operations to one-third of ADB operations by 2024. There is still a lot of room to grow investments in environmental sustainability. The private sector will be crucial in mobilising much-needed resources for long-term development and in advancing environmental, social, and governance standards. ADB is prepared to collaborate with its developing member countries to create the right enabling environments and increase investments in green business models for a more inclusive, sustainable, resilient, and prosperous Asia and Pacific.There is a significant opportunity to expand investments that address the development of the private sector in order to mobilise needed resources for sustainable development and help improve environmental, social, and governance standards.
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