This paper will demonstrate that, for the purpose of fostering economic progress in Asia,

environmental sustainability must be taken into account. Several arguments and pieces of
evidence will support this. First of all, environmental conservation itself helps promote
economic expansion. Secondly, the priority of economic growth over environmental
protection in Asia takes a heavy toll on the environment and the well-being of society.
Finally, environmental deterioration can have an adverse impact on economic performance.
A counterargument against the necessity of addressing the cost of environmental damage is
that a huge amount of money will be invested in environmental conservation. However, the
expense of restoring depleted natural resources exceeds the cost of environmental protection.
These justifications demonstrate the need for Asians to consider their environmental
implications and seek remedies when growing their economies.

In comparison to other regions of the world, Asia exhibits a stronger negative link between
economic development and environmental sustainability (Iwami 2001; Hall 2002; Salze-
Lozach et al. 2015). Asia is the biggest continent on the globe, making up nearly 30% of all
land. It has the highest population density of all the continents, which puts great strain on the
planet's natural ecosystems. Moreover, with $41.78 trillion (nominal 2022) and $65.44
trillion (PPP), respectively, Asia has the largest continental and fastest-growing economies in
the world. Although rapid economic expansion has undoubtedly enriched Asian nations, it
has come with consequences for the environment and put tremendous strain on the region's
ecology.

Firstly, environmental conservation itself contributes to economic expansion (Mudge, 2021).

The natural environment is one of the key factors driving economic activity and prosperity
since it provides the inputs necessary to manufacture products and services. (Everett, Rubin,
Ansaloni, & Ishwaran, 2010). The environment is the supplier of the resources and raw
materials such as water, timber, and minerals or services provided by ecosystems. According
to the Asian Development Bank, the Asia-Pacific region is home to abundant natural
resources that, if managed effectively, can foster economic growth and raise the human living
standard. By the numbers, the Coral Triangle in the Pacific exports $4 billion worth of
fisheries annually. The forested watersheds of the Eastern Himalayas supply pure water to 1
billion people. Additionally, the Lower Mekong River Basin annually provides up to $4
billion in inland fisheries. The third-largest tropical rainforest in the world, the Heart of
Borneo, contains 3 billion metric tons of carbon. (Asian Development Bank, 2017). Besides,
environmental protection generates respectable job possibilities. By 2030, Asia can create up
to 14.2 million net green employment, stateed by the ILO (2018a). An increase in the labor
force's size might boost output and stimulate growth (LSE, 2022). Environmental protection
is, therefore, vital for enhancing resource efficiency and helping build a low-carbon
sustainable society.

Secondly, the area's ecological systems have suffered significant damage as a result of
excessive economic expansion, inadequate management, and corruption. The rapid
urbanization and pollution during the years of industrialization in Asia caused a number of
environmental catastrophes. (Chandra Voumik & Sultana, 2022). The World Resources
Institute stated that the top five GHG emitters are China (28%), the United States (18%),
India (7%), Russia (5%), and Japan (3%). Only five nations account for more than 60% of
global emissions. In addition, according to a recent analysis from Verisk Maplecroft, Asian
cities are more at risk from environmental hazards such as severe heat, climate change, and
natural catastrophes. 99 of the 100 cities with the greatest danger are located in Asia,
including 37 in China and 43 in India. Furthermore, 92% of the 4 billion residents living in
Asia and the Pacific are exposed to levels of air pollution that are dangerous to their health.
(Climate and Clean Air Coalition, 2019). Therefore, unsustainable economic expansion
lowers the level of living for both present and future generations by drastically damaging the
environment.

Thirdly, the poorer the environmental management, the lower the economic growth due to
their intimate influence. Capital commodities, technology, human resources, and natural
resources are the four supply factors that determine economic growth (Patwardhan, 1980).
Therefore, adverse impacts on these four decisive determinants can lead to negative growth in
the economies of Asian countries. Poor air quality cost 6.6% of China's GDP, 5.4% of India's
GDP, and 3% of the US GDP in 2018, respectively. (Greenpeace, 2018). The ASEAN
markets would have had a 37% GDP decline by 2048. (Gray & Haller, 2021). Furthermore,
according to Greenpeace (2018), air pollution is estimated to cost China $900 billion
annually, whereas Indian cities frequently perform poorly on air quality indices and the issue
costs the country $150 billion annually on average.

Another view to consider is that in Asia, a continent with many developing nations, such as
Vietnam, Indonesia, etc., the initial cost of going green for businesses and corporations can
be extremely high. For instance, switching to sustainable energy sources like solar energy
requires installing solar panels, and solar panel installations are rather expensive. It is
estimated that the cost of an environmental approach is close to 2% of GDP, or around $150
billion annually. (Morgenstern, Pizer, and Shih, 2001). It may not be economically sensible to
prioritize environmental preservation over profits since the cost reductions associated with
going green may not always outweigh the initial outlay. (Joseph, 2019)

However, the response to this may be that the cost of restoring the environment that has been
injured by the economic process is greater than the cost of protecting the environment. The
investment in nature protection, however, is less than one-third of the global expenditure of
16% of GDP on subsidies to ecologically harmful businesses (OECD, 2020). According to
International Finance Corporation research from 2017, from now to 2030, significant
amounts of money will need to be invested in addressing environmental issues, including
more than $410 billion for renewable energy and more than $1.5 trillion for buildings. In
addition, more than $300 million to $600 million USD should be committed annually by
Asian nations in order to properly execute environmental recovery solutions. (SEI, 2018)

In conclusion, this essay has clearly demonstrated that it is crucial to strike a balance between
economic growth and environmental preservation in order to maintain sustainable
development due to their strong relationship. The primary justification made was that better
environmental management results in more rapid economic growth. Second, the emphasis on
rapid economic growth in Asian nations has resulted in environmental damage. Finally, if the
environment is not safeguarded, economic growth may suffer. Despite a counterargument
that Asian nations cannot afford environmental preservation approaches, studies have shown
that prevention is less expensive than restoring the environment that has been damaged.

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