Intense heat is really on in the country. Lately, we would hear parents reminding their children to always stay hydrated or indoors, while others choose to travel to cooler places! Indeed, climate change is an inescapable reality, as its disastrous effects are now the focus of global leaders and policymakers.
I wholeheartedly believe that developing countries like ours need to ramp up its infrastructure to meet its economic and social goals. Numerous articles in the past mentioned that the Philippines is two to three decades behind on infrastructure despite the increase in public expenditure.But, while it is true that fast-tracking the completion of needed infrastructure is vital to the country's recovery, it likewise plays a crucial role in addressing climate change.
But the question is — How much infrastructure investment is needed to see sustained economic growth? According to ADB, the estimated total infrastructure investment need of ASEAN is at $2.8 trillion and $3.1 trillion , placing the annual investment need at $184 billion and $210 billion, respectively.
There are various financing options such as ADB facilities, local or international markets, private sector investments and climate-related financing innovations.