cellcard cellcard

Philippines saves more than $1 billion with green solutions

Manila Times / Share:
pixabay/MonicaVolpin

MANILA (Manila Times) – The Philippines was able to save more than $1 billion in losses because of its natural systems, according to a World Bank report.

In its Lifelines: The Resilient Infrastructure Opportunity report released last week, the World Bank and the Global Facility for Disaster Reduction and Recovery (GFDRR) noted that “combining infrastructure with nature-based solutions” reduces countries investment needs.

“In the Philippines, mangroves, reefs and other natural system prevent more than $1 billion in annual disaster losses,” the report said.

The report also noted that nature-based solutions were also used for flood protection, thus, reducing the need for hard infrastructure like dikes.

“The fact that mangroves and coral reefs protect coastlines against floods and storm stages is well-known,” the report said.

It added that countries that benefited the most from reefs were the Philippines, Cuba, Indonesia, Malaysia and Mexico.

The report said the annual expected flood savings of these countries was estimated at more than $400 million each.

World Bank and GFDRR’s report said the net benefit on average of investing in more resilient infrastructure in low- and middle-income countries would be $4.2 trillion.

“Resilient infrastructure is not about roads or bridges or power plants alone. It is about the people, the households and the communities for whom this quality infrastructure is a lifeline to better education and better livelihoods,” World Bank Group President David Malpass said in a statement.

Previous Article

Cambodia-Indonesia trade exhibition to be held next month

Next Article

CPB launches children’s savings account in riel