BANGKOK — A recent report from the Asian Development Bank highlighted that the Asian region is projected to experience more severe impacts from the climate crisis compared to other areas. The analysis reveals that countries within Asia are significantly lagging in investments aimed at enhancing resilience and adapting to fluctuating weather patterns and natural disasters.
The report estimates that developing nations in Asia require annual financing of between $102 billion and $431 billion to effectively manage climate change challenges. This amount is disproportionately higher than the $34 billion allocated for these initiatives during the years 2021-2022, as reported by the Manila, Philippines-based development bank.
In terms of greenhouse gas emissions, developing Asia accounted for nearly 50% of the global total in 2021, with China responsible for roughly two-thirds and South Asia contributing nearly 20%. While individual emissions in these regions remain significantly lower than those in Europe, Japan, and North America, Asia is the most populous area globally, housing about 70% of the Earth’s population.
Most Asian nations have ratified international climate agreements and drafted national strategies aimed at reducing carbon emissions; however, a lack of comprehensive road maps to achieve net-zero emissions remains a critical gap, according to the report.
Despite a global pivot towards renewable energy sources like wind and solar, the report indicates that regional governments provided substantial support to the fossil fuel industry, amounting to $600 billion in 2022. Such funding maintains low prices for oil, gas, and coal, thereby hindering a transition to sustainable energy alternatives.
Sea levels are rising in the Asia-Pacific region at nearly double the global average. The report warns that around 300 million people may face the threat of coastal flooding if Antarctic ice sheets collapse. Additionally, countries such as China, India, Bangladesh, and Vietnam are expected to bear the brunt of intensified storms, with annual damages potentially reaching $3 trillion.
Rising temperatures are also exacerbating worker productivity and public health. The analysis projects that regional economies could see a decline in gross domestic product by as much as 17% by 2070 under a pessimistic scenario characterized by high carbon emissions. This scenario may also lead to a significant escalation in the severity of tropical storms and cyclones as weather patterns become increasingly extreme.
The report acknowledges that current trends are set in motion, with warming continuing for decades ahead. While the consequences of potential “tipping points,” such as rising ocean temperatures melting polar ice, remain uncertain, it’s clear that ecosystems typically responsible for sequestering carbon—like oceans and tropical forests—are becoming sources of emissions due to occurrences like wildfires.
Despite these challenges, the report emphasizes that the advantages of adapting to climate change vastly outweigh the associated costs. The ADB suggests that aggressive decarbonization efforts could lead to the creation of 1.5 million jobs in the energy sector by 2050, as well as prevent up to 346,000 air pollution-related deaths annually by 2030.
Some studies predict that poverty levels may escalate by 64%–117% by 2030 under a severe emissions scenario, compared to a situation without climate change. The report indicates that regional economic output could decline by approximately 17%, with the most adverse effects anticipated in Bangladesh, Vietnam, Indonesia, and India, impacting productivity, fisheries, flood control, and agriculture the most.
Nevertheless, the report suggests that governments can take effective measures to mitigate severe outcomes. An example provided is the flood shelter initiative in Bangladesh, which has dramatically reduced fatalities from catastrophic storms—from hundreds of thousands historically to fewer than 100 in recent years up to 2020.
The report concludes by stressing that while the effects of climate change are inevitable, there is an urgent need for stronger policy measures to minimize potential losses and damages.