An “erosion of multilateralism” is changing Asia’s push for sustainability, as countries pursue individual goals of energy security and supply-chain resilience instead of “virtue signaling,” says Rahul Ghosh, global head of sustainable finance and emerging markets at Moody’s Ratings.
“Ten years ago, the world was aligning around consistent climate policies, but now we’re starting to see a bit of divergence,” he says, as countries instead pursue what he dubs a “pragmatic transition,” one that balances sustainability with energy security and economic affordability—usually by allowing traditional fossil fuels to play a role.
