In May, the International Monetary Fund projected the global economy would shrink by 3 per cent this year. But the latest prediction from the World Bank is a 5.2 per cent contraction. Worse still, the Organisation for Economic Co-operation and Development (OECD) is expecting is a 7.5 per cent downturn.

In the region, Asia’s economic growth is projected to come to a standstill in 2020, the worst performance in almost 60 years.

Across the globe, governments have rolled out US$9 trillion in economic recovery measures to rebuild their economies. While most packages have focused on addressing the hand-to-mouth immediate issues, the unprecedented amount of stimulus that is being pumped into the economy is a pivotal moment for climate action.

“There’s a great opportunity for a green recovery in Asia as many countries aren’t burdened by the inertia of existing infrastructure and industry. They can shape it however they want and choose to focus on a green transition,” said Ian Woods, climate change and sustainability investment specialist at Chronos Sustainability, a sustainability advisory firm.

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