Aligning the financial systems in the Asia Pacific region to sustainable development
Redirecting financial flows towards efficient, clean and inclusive economic activities in Asia Pacific and away from polluting, resources intensive activities is crucial to the region's future sustainable growth and prosperity, finds a new report by the UN Environment Programme (UNEP). As home to over half of the world's people, but much less than half of its natural resources, achieving inclusive, sustainable economic prosperity in the Asia-Pacific region depends on the health of the environment. Yet stocks of natural capital - including non-renewable resources, forests, agricultural land and fisheries - are in decline across the region, and have dwindled by between third and a half in most countries of the region over the past five years. In order to close the gaps in basic services and infrastructure and to protect the environment, enhance energy efficiency and respond to climate change, the Asia-Pacific region needs an annual investment of US $2.5 trillion, less than a third of US $8.4 trillion saved by the region's citizens in 2012 alone, says the report entitled, "Aligning the Financial Systems in the Asia Pacific Region to Sustainable Development".