Asia Needs To Spend More To Mitigate Climate Change: ADB

Asian countries are likely to experience the harshest effects of climate change and must increase spending to limit the damage and adapt to evolving weather patterns, the Asian Development Bank (ADB) said in a report, as reported by Elaine Kurtenbach for Reuters.

Developing Asia contributed nearly half of global emissions in 2021, with China responsible for two-thirds of the region’s emissions and South Asia contributing nearly 20%.

The report noted that financing needs in developing Asian countries to address climate change range from $102 billion to $431 billion per year, far outstripping the $34 billion allocated for such efforts in 2021-2022.

Developing Asia contributed nearly half of global emissions in 2021, with China responsible for two-thirds of the region’s emissions and South Asia contributing nearly 20%.

While per capita emissions are lower than in regions like Europe, Japan, and North America, Asia’s large population—about 70% of the global total—magnifies its climate impact.

Although most countries in the region have ratified climate treaties and presented emission-reduction plans, clear road maps to achieve “net zero” emissions are still missing, the report stated.