Workshop Report: Climate Change Regional Policy Dialogue - Learning from the COVID-19 Pandemic

The CAREC Institute workshop proceedings report on “Climate Change Regional Policy Dialogue: Learning from the COVID-19 Pandemic” of 18-19 June 2020 provides detailed information about climate-informed investment options; integration of environmental, social, and governmental (ESG) issues in climate change policies; influence of COVID-19 on green bonds; cooperation platforms, etc.

The report provides that future has become uncertain due to COVID-19, yet, recovering from the crisis must be more sustainable. The route back to normal must go through promotion of green investments. While climate mitigation activities require up to $175 billion/year in Asia, adaptation costs about $40 billion/year until 2030. Central Asia loses $4.5 billion/year due to limited regional water cooperation. Notwithstanding many financing opportunities available, the financing gap remains. Current definitions of SDGs, ESGs, green bonds, and green loans may distort optimal investment portfolio allocation in the long term as investors have to factor in not well-defined concepts on top of risks and rate of return. Further, the report discusses options for tax on waste, etc.

The CAREC Institute Director Syed Shakeel Shah is quoted that dynamics of climate change transcend national and regional boundaries that call for joint collaborative action from governments, private sector, and world citizenship supported by innovative green financing approaches. Sharing best practices and knowledge across the region and the world, and catalyzing regional, interregional and global cooperation can enable CAREC members not only respond effectively to regional challenges but capitalize on opportunities as well.