Introduction and About

- The Asian Development Bank (ADB) unveiled the Asia–Pacific (APAC) Climate Report 2024 recently.

- The report lays out the grave consequences of climate change on the Asia-Pacific economy.

 

Key Findings: Economic Impacts and Major Drivers

- The report suggests a potential decrease in the APAC’s GDP by around 17% by 2070, given high greenhouse gas emissions.

- A worrying 41% reduction is expected by 2100 under high emissions conditions.

- India, Vietnam, Bangladesh, and Indonesia may face serious economic losses, with India potentially facing a 24.7% GDP decline by 2070.

- Key drivers fuelling economic losses include sea-level rise, depreciated labour productivity, and augmented cooling demands stemming from temperature rise.

 

Impacts on Natural Disasters and Environment

- Climate change-related natural disasters, such as river flooding and intensifying rainstorms, could have a significant toll on the APAC economy by 2070.

- And can affect more than 110 million people and result in heavy residential and commercial damages.

- APAC's forests and ecosystems could also see a decrease in productivity by up to 30% due to climate change.

 

Suggestions for Improvement & Mitigation Measures

- More economies in Asia need to set net-zero-emission targets, with just 36 out of 44 having done so and only four having legally cemented these targets.

- Enhanced policies and elevation in financial support are heavily required to prompt climate actions, with ADB being a viable asset in this course of action.

- The region will need an annual finance of USD 102–431 billion for climate adaptation.

- The report also stresses the importance of scaling up climate finance and accelerating adaptation responses.

 

Renewable Energy and Carbon Markets

- The report showcases the opportunity to utilize renewable energy for a net-zero transition in the APAC region.

- The adoption of domestic and international carbon markets represent a cost-effective method for climate action.

 

About Asian Development Bank

- The ADB, founded in 1966, is dedicated to facilitating economic growth and poverty reduction in Asia through a mix of loans, grants, and technical assistance.

- The ADB’s pursuit of an affluent, inclusive, and sustainable Asia and Pacific region also involves its resolved fight against extreme poverty.

- The ADB is headquartered in Manila, Philippines and India is its fourth-largest shareholder and top borrower since 2010.