Increased Cost-of-Living Crisis Undermines Progress on Poverty Alleviation in Asia and Pacific
The increased cost-of-living crisis sparked by surging inflation last year, combined with the lingering effects of the COVID-19 pandemic, is continuing to push people in Asia and the Pacific into extreme poverty, according to a new report by ADB. An estimated 155.2 million people in developing Asia and the Pacific, or 3.9% of the region’s population, lived in extreme poverty as of last year, according to Key Indicators for Asia and the Pacific 2023, released today. The number is 67.8 million greater than it would have been without the pandemic and the increased cost of living crisis, according to the report. Extreme poverty is defined as living on less than $2.15 a day, based on 2017 prices and adjusted for purchasing power and inflation.
ADB, Fourth Partner Energy to Build Solar Power Plant in India, Supplying Commercial and Industrial Sector
ADB and Fourth Partner Energy Private Limited (Fourth Partner) signed a long-term loan of up to 1.2 billion Indian rupees (about $14.7 million) to construct and operate a 25-megawatt solar photovoltaic-based power plant to increase clean and low-cost energy supply to commercial and industrial customers. The power plant, located in Tirunelveli district in the state of Tamil Nadu in India, is expected to generate about 50.7 gigawatt-hours of electricity annually and will directly sell power to commercial and industrial users. India’s progressive open access renewable energy policy allows a group of consumers to purchase electricity directly from an Independent Power Producer (IPP). Read the news release
Turning the Tide: The Crucial Role of Oceans in Fighting Climate Change
Sustainable marine projects and innovative financing like blue bonds are part of growing global efforts to look beyond land-based solutions – and consider the ocean economy – to address climate change, writes Francesco Ricciardi, ADB Senior Environment Specialist, and Audrey Tan, Science Communications and Outreach Lead at the National University of Singapore. Globally, awareness of the links between nature loss and climate change is growing. It is time to bring the oceans into the discussion - for the sake of both people and planet. Read the blog
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In Samoa, ADB’s Support for Agribusiness is Helping Women and the Economy
The Samoa Agribusiness Support (SABS) Project is helping selected commercial agribusinesses in Samoa rebound from the pandemic and to grow sustainably. Approved in 2014, the project supports the commercial production and export of agricultural products. The project has helped women in Samoan agribusinesses by improving their finances and helping them obtain better access to financial and market opportunities. It has also helped Samoan agribusinesses, including those owned or managed by women to access finance and market opportunities. Read the project result
Renewable Energy Manufacturing in Southeast Asia
The Southeast Asian region could lose up to 30% of its gross domestic product by 2050 due to increases in global temperature and extreme weather events, but bolstering the region’s renewable energy manufacturing capacity would help the region create new jobs and meet growing energy demand while drastically reducing emissions, according to new research released by ADB, Bloomberg Philanthropies, ClimateWorks Foundation, and Sustainable Energy for All.
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