Bank: Asia must quit coal faster to stem worst climate woes
CTV
Asia must rapidly cut fossil fuel subsidies and plow more money into a clean energy transition to avoid catastrophic climate change that puts its own development at risk, according to a new report Thursday from the Asian Development Bank.
Asia must rapidly cut fossil fuel subsidies and plow more money into a clean energy transition to avoid catastrophic climate change that puts its own development at risk, according to a new report Thursday from the Asian Development Bank.
The region's economic development is being fueled in a carbon-intensive way that is well above the world average, said David Raitzer, an ADB economist and one of the authors of the report. He urged quick action on an energy transition for greater benefits and lower costs.
"Ambitious action on climate change with well-designed policies can have a massive payoff," Raitzer said.
Several countries are developing new coal-fired power plants in Asia, which accounts for 94% of the global pipeline of coal-fired power plants under construction, planned, or announced, according to the report.
Even as China, India and Indonesia accounted for a third of all emissions of planet-warming gases in 2019, six of the top 10 countries most affected by extreme weather in the first two decades of this century were in Asia, according to earlier studies. It's estimated that up to $1.5 trillion in losses and damage to property were recorded in the region during that period, including unprecedented flooding in Pakistan that affected 33 million people last year.
The report estimated that 346,000 lives would be saved annually by 2030 if developing countries in Asia meet their goals for shifting to clean energy, leading to reduced air pollution. And it projected social and economic benefits from the shift equal to five times the cost of climate change impacts.
But investment in clean energy is lacking. Developing countries in Asia spent $116 billion in 2021 on subsidizing fossil fuels -- much more than subsidies for renewables. Raitzer said international coordination is essential to change that.
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