A recent report released by the Asian Development Bank has highlighted the alarming situation faced by countries in Asia due to the climate crisis. The report emphasizes that Asia will suffer more severe damage from climate change compared to other regions and is lagging far behind in investing in measures to mitigate and adapt to the changing climate patterns and natural disasters.
According to the report, developing Asian countries require annual financing ranging from $102 billion to $431 billion to address climate change impacts. However, the amount committed for these purposes in 2021-2022 was only $34 billion, indicating a significant shortfall in funding.
The report points out that developing Asia accounted for nearly half of global emissions in 2021, with China contributing two-thirds and South Asia nearly 20% of these emissions. Despite lower emissions per person compared to other regions, Asia's high population density makes it a major contributor to global emissions.
While many countries in the region have ratified climate change treaties and outlined plans to reduce carbon emissions, most lack clear roadmaps to achieve 'net zero' emissions. Additionally, the report highlights that governments in the region continue to provide substantial support for fossil fuels, amounting to $600 billion in 2022, which hinders the transition to cleaner energy sources.
The report also underscores the significant risks faced by the region, including rising sea levels, increased storm surges, and adverse impacts on worker productivity and health due to higher temperatures. It warns that failure to address climate change could lead to a 17% decline in regional GDP by 2070 and a doubling of destructive tropical cyclones and storms.
Despite the challenges, the report emphasizes the benefits of taking action to combat climate change, such as creating new energy sector jobs and reducing air pollution-related deaths. It also warns of the potential increase in poverty and economic decline if climate change is not addressed promptly.
While the report acknowledges the inevitability of climate change impacts, it calls for stronger policy responses to minimize loss and damage. It cites successful examples like flood shelters in Bangladesh, which have significantly reduced storm-related fatalities in recent years.
In conclusion, the report underscores the urgent need for increased investment and coordinated efforts to address the climate crisis in Asia and mitigate its far-reaching consequences.
