Asia's Climate Crisis: Urgent Call for Action and Adaptation

Asia faces severe climate damage, lagging in adaptation financing. The Asian Development Bank reports that Asia, responsible for half global emissions, needs up to $431 billion annually to adapt. Despite such challenges, focusing on aggressive decarbonization and stronger policies can mitigate effects and create energy jobs.

Countries across Asia are expected to endure the hardest impacts from climate change, yet they lag significantly in funding efforts to mitigate these damages, according to a recent report by the Asian Development Bank released Thursday.

The report highlights that developing Asian nations require between USD 102 billion and USD 431 billion annually to address climate impacts. This need starkly contrasts with the mere USD 34 billion allocated from 2021-2022, as noted by the Manila-based bank.

Asia, accounting for nearly half of global emissions in 2021, faces compounded risks such as sea level rise and decreased worker productivity. However, the report suggests that intensified decarbonization strategies could avert these threats while fostering job creation in the energy sector.

(With inputs from agencies.)