The Asian Development Bank's recent report underscores that developing Asia's financial needs to adapt to climate change are estimated between $102 billion and $431 billion annually, highlighting an enormous gap compared to the $34 billion committed in 2021-2022.
Despite commitments to reduce emissions, many Asian nations lack detailed road maps for reaching net zero carbon emissions. In addition, subsidies for fossil fuels, amounting to $600 billion in 2022, continue to impede the transition to cleaner energy.
With the Asia-Pacific experiencing sea level rises at about twice the global average, approximately 300 million people are at risk of coastal flooding. The most affected nations include China, India, Bangladesh, and Vietnam, with potential damages averaging $3 trillion annually.
The report indicates that higher temperatures are adversely impacting worker productivity and health across the region, which could have significant consequences for the economies of developing Asian countries already struggling with climate-related challenges.
Collection
[
|
...
]