Asia trades in climate change for a greener economy

The continent faced the largest amount of natural disasters due to climate change

Vietnam has already taken initiative to shift to sustainability by utilising green trade. AvigatorFortuner/Shutterstock

To combat climate change, Asia can shift its focus to green trade. Asian Development Bank (ADB) told the Business World that Asia is accountable for 40 percent of nationwide natural disasters, therefore these nations must delve into methods, such as green trade in order to decrease it. 

According to sustainability newsletter Outlook Planet, ADB noted the importance of green trade and investment when it comes to tackling climate change. It’s through these that they are able to mitigate their concerns in trade agreements to gain the support of partnering countries and nations.

Asian nations have already been in partner with other nations outside the ASEAN region, consequently relaxing more carbon emissions than many other continents, but reversing the effect would be possible by taking measures that would promote trade in environmental goods and services, nurturing green businesses, developing carbon pricing mechanisms, and strengthening regional cooperation through trade and investment agreements.

More: A developer’s guide to going green: Benefits, financing, certification

Vietnam has already taken initiative to do so by utilising green trade, as discussed by Vietnam Investment Review. Vietnamese exporters have been adopting eco-friendly trades and the trend of sustainable goods by creating policies like how plastic packaging trays will not be reaching foreign markets.

This is so the country can put an emphasis on making cost-cutting, yet efficiency-boosting sustainable solutions that would help foreign consumers who are leaning towards sustainable products be more receptive to the country’s products. Vietnamese manufacturers are also following European hygiene rules that would help them follow a more sustainable framework.

As the largest exporters of textiles and apparel, Vietnam is also taking measures into using recycled materials in their products, changing the business models around the area to something that caters to sustainable living. This way, Vietnam is setting an example for the rest of the Asia Pacific region to follow in terms of shifting to a more sustainable economy.

The Property Report editors wrote this article. For more information, email: [email protected].