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Assignment Cover Sheet

Bachelor of Business (Talented)

Student Name Nguyễn Yến Nhi

Student Number 31221024683
Subject Name Academic English
Lecturer Mr. John Bayarong
Title of Assignment Individual Final Essay
Length 1123
Due Date January 12, 2023
Date Submitted January 12, 2023

Declaration:
❑ I hold a copy of this assignment if the original is lost or damaged.
❑ I hereby certify that no part of this assignment or product has been copied from any other
student’s work or from any other source except where due acknowledgment is made in the
assignment.
❑ No part of the assignment/product has been written/produced for me by any other person
except where collaboration has been authorized by the subject lecturer/tutor concerned
❑ I am aware that this work may be reproduced and submitted to plagiarism detection software
programs for the purpose of detecting possible plagiarism (which may retain a copy on its
database for future plagiarism checking)

Signature: ………………Nguyễn Yến Nhi……………………………………………………….

Note: An examiner or lecturer/tutor has the right not to mark this assignment if the above
declaration has not been signed)
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Individual Final Essay

Nguyễn Yến Nhi

AEn 01

January 12th, 2023

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Asia should prioritize economic growth for the present, and address the cost of
environmental damage in the future. To what extent do you agree with this statement?

INTRODUCTION:
This essay will support that Asia should consider developing the economy and dealing with the
environmental problems at the same time due to the following reasons. Firstly, neglecting
environmental deterioration might result in financial loss and the reduction of natural resources.
Secondly, because of serious environmental destruction, Asians may experience food insecurity
and health issues. Thirdly, the use of green technology allows for simultaneous economic growth
and environmental protection. The counterargument states that Asia should place a higher
priority on economic growth so that there will be resources for restoring the environment.
However, there is no clear correlation between financial investments and the attainment of
ecological development goals, therefore, it is vital to make further solutions toward
environmental protection goals.

DEFINITION AND BACKGROUND:

Asia is the biggest continent in the globe, making up nearly 30% of all land. The majority of the
world's population, 60%, resides in the continent of Asia. In many parts of the area, sustained
high economic expansion significantly decreased poverty and raised overall living standards.
However, it had an environmental cost and put great strain on the area's ecological carrying
capacity. The economy depletes natural resources and releases garbage that pollutes the air and
endangers the delicate ecological environment in order to thrive. According to Law No. 23 of
2009 about Environmental Protection and Management's Article 57 Paragraph 1, the following
processes for protecting the environment are regulated that the following actions are taken to
maintain the environment: a. conservation of natural resources; b. reserves of natural resources;
or c. preservation of the atmosphere's function. (Maruf et al, 2021).

BODY:
Firstly, procrastination in solving environmental degradation could lead to economic damage and
the loss of natural input. According to Global Citizen's recent report (2020), by 2050, climate
change may threaten Asia's annual GDP of $4.7 trillion, mostly as a result of labor loss brought
on by shorter outdoor workdays in hotter and more humid climates. This viewpoint has been
solidified by the research of Woetzel et al (2020), as the reason given is that it makes people
harder to work outdoors and necessitate more frequent breaks. Moreover, disasters may have a
greater negative influence on economic growth in developing nations than in industrialized
nations. Growth in underdeveloped countries is more vulnerable to natural disasters than it is in
industrialized ones, according to Loayza et al. (2021). This is due to the fact that while the
agriculture sector is vulnerable to natural catastrophes, it is more important in emerging nations.
MC Kinsey has shared the same viewpoint that the likelihood for today, 2030, and 2050 of a
yield reduction or improvement of more than 10%.

Secondly, Asian people can face food insecurity and health diseases as a result of severe
environmental damage. In fact, research by East Asia Forum (2020) found that food security has
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been affected in some areas of Asia as a result of warming temperatures, shifting precipitation
patterns, more frequent droughts, and desertification. The supply chains will be disrupted when
extreme weather occurrences become more common. The most vulnerable people in the region
would likely experience food insecurity and hunger when cereal prices rise by 2050. Although
generally disregarded, mental health issues are widespread across Asia and are made worse by
the pressures caused by climate change, which can raise the risk of suicide. Moreover, WHO
(2020) has reported that children below the age of five are affected by more than 88% of diseases
associated with climate change. Environmental aspects such families without access to essential
utilities like clean water and sanitization or those with high levels of indoor air pollution as a
result of the use of filthy fuel and inefficient cooking and heating ways, are specifically
responsible for 26% of the 5.9 million deaths of children under the age of five each year.

Thirdly, the investment in green technology makes it possible to protect the environment and
develop the economy simultaneously as its aim is to lessen or completely eradicate the damaging
effects that human activity has on the environment. According to Bain & Company (2021), in
SEA, it is estimated that the green economy may create $1 trillion worth of economic potential,
as the new innovation sectors are predicted to generate 6–8% of the region's GDP by 2030. A
recent poll on Asian investors' preferences conducted by the Economist Intelligence Unit (EIU)
has shared the same idea that 27% of respondents anticipate that by 2023, up to 50% of their
assets under management (AUM) would be in sustainable investments. In addition, millennials
will control over 35% of the world's wealth in the next five to seven years; they are twice as
likely to invest in businesses with social or environmental objectives than the overall investor.

Another view to consider is that Asia countries should prioritize economic development in order
to have funds for recovering nature. Research by Pettinger (2018) suggests that governments and
citizens may be motivated to allocate more of their disposable income to environmental
protection by faster economic growth. In addition, the poorest nations frequently suffer from bad
pollution since they lack the financial resources to do so. Moreover, developed countries now are
more responsible for environmental protection thanks to having generous funds. UNEP ‘s report
(2021) describes that top-15 environment fund contributors in 2021 are also the ones whose
economic growth hit the top. While developed economies have the means to address
environmental pollution with cutting-edge technologies, recent studies have shown that a
diverse, open economy with solid institutions and economic growth aid in reducing harm. 

However, a response to this may be there is no direct relationship between investments in

environmental preservation and the attainment of development goals. In reality, research by
Vorontsova et al (2022) has shown that even with a clear environmental emphasis, it is
impossible to close current difficulty in investing enough to meet sustainable development goals.
Despite countless attempts made by the international community, as outlined in the Paris
Agreement framework and updated at COP27, it is still necessary to step up communication and
forge cross-sectoral partnerships to incorporate a larger range of stakeholders in order to reach
the ecologically relevant SDGs. Additionally, even though most research has shown a positive
association between FDI and income development, Iamsiraroj and Ulubaşolu (2015); Reiter and
Steensma, (2010) argue that FDI could have adverse effects, mostly on social and environmental
development.
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CONCLUSION:
In conclusion, deferring environmental preservation results in numerous consequences, namely
economic harm, food insecurity, and health threats. Green technology has been proven as
evidence of the ability to address environmental issues and improve the economy concurrently.
Despite the need for a financial foundation, it has been shown that the connection between the
expenditure and sustainable development is indirect so it is necessary for the government to
make further environmental protection policies.
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References

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Bain, Microsoft, and Temasek, Southeast Asia’s Green Economy (2021), Opportunities on the
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 Denis McCauley and Georgia McCafferty (October 2019), Financing sustainability Asia Pacific
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