Amid an increased focus on environmental sustainability, the idea of fossil fuel “bad banks” is gaining traction globally. The concept refers to special companies specifically dedicated to acquiring and winding down fossil fuel assets.
Covid-19 led to a sharp rise in the production of single-use plastics, a significant proportion of which end up in the world’s oceans. With the pandemic gradually being brought under control, emerging markets are now stepping up efforts to tackle marine pollution.
Around the world, emerging nations with significant maritime resources are advancing plans to develop their respective blue economies, with a view to boosting short-term recoveries from coronavirus as well as longer-term economic diversification.
The Philippines is one of the world’s fastest-growing nations. Although economic activity slowed during the 2020 Covid-19 pandemic period, stimulus measures, imminent public sector policies and a larger budget are expected to create jobs, generate growth and help kick-start the country’s recovery during 2021.
Amid an increase in demand for personal protective equipment (PPE) and packaged goods, Covid-19 has led to a significant spike in plastic waste. Although this has created some significant challenges for emerging markets, it has also provided opportunities for innovation in recycling.
The economic downturn resulting from lower global commodity prices and the completion of the PNG LNG project means the future of Papua New Guinea must be navigated with care. The country possesses plentiful natural resources, which, given effective management, could provide new revenue to spur diversification, as well as sustainable and equitable growth in all provinces.