Asia must rapidly cut fossil fuel subsidies and plow more money into a clean energy transition to avoid catastrophic climate change that puts its own development at risk, according to a new report Thursday from the Asian Development Bank.
The region's economic development is being fueled in a carbon-intensive way that is well above the world average, said David Raitzer, an ADB economist and one of the authors of the report. He urged quick action on an energy transition for greater benefits and lower costs.
