Asian Nations Face $431 Billion Annual Climate Bill Amid Underfunding and Rising Risks

October 31, 2024
Asian Nations Face $431 Billion Annual Climate Bill Amid Underfunding and Rising Risks
  • It emphasizes that the effects of climate change are already 'locked in' and will worsen over the coming decades, as natural carbon sinks like oceans and tropical forests are transitioning from carbon capture to sources of emissions due to factors such as increased forest fires.

  • The report also identifies that the largest economic losses will stem from reduced productivity, alongside impacts on fisheries, flooding, and agriculture, with projections indicating a potential reduction of regional GDP by 17% by 2070 under high carbon emission scenarios.

  • In light of these challenges, the ADB calls for stronger policy responses to mitigate the inevitable impacts of climate change, citing successful interventions such as flood shelters in Bangladesh that have drastically reduced storm-related fatalities.

  • Countries such as China, India, Bangladesh, and Vietnam are expected to incur average annual damages of $3 trillion due to worsening storm surges, exacerbating the already dire economic outlook.

  • A recent report from the Asian Development Bank, released on October 31, 2024, highlights that developing Asian nations require annual financing between $102 billion and $431 billion to effectively address climate change, a stark contrast to the mere $34 billion allocated in 2021-2022.

  • Despite ratifying climate treaties and developing national plans to reduce carbon emissions, many Asian countries still lack clear roadmaps to achieve net zero emissions.

  • The Asia-Pacific region is facing sea level rise at double the global average, putting approximately 300 million people at risk of coastal flooding.

  • The report underscores that countries in Asia will experience more severe impacts from climate change than other regions, with significant underfunding in adaptation efforts.

  • The report suggests that aggressive decarbonization could create 1.5 million energy sector jobs by 2050 and prevent up to 346,000 annual deaths from air pollution by 2030, highlighting the significant benefits of investing in climate change adaptation.

  • Overall, the report stresses that the costs of not addressing climate change far outweigh the costs of adaptation and mitigation efforts.

  • In 2022, regional governments provided $600 billion in fossil fuel subsidies, which undermines the transition to renewable energy sources like solar and wind.

  • Moreover, climate change is currently affecting worker productivity and health, which could exacerbate economic downturns and potentially increase poverty levels by 64% to 117% by 2030 in high-emission scenarios.

Summary based on 6 sources


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