Developing Asian countries face a potential loss of 17% of their total GDP by 2070 if atmospheric emission levels remain high, according to the Asian Development Bank (ADB) report, which calls for more decisive and ambitious climate action, Report informs.
The report notes that while climate mitigation efforts are gaining momentum, they are still insufficient to achieve global goals.
Bank analysts assert that current climate policies will lead to global warming of approximately 3°C during this century, twice the 1.5°C warming limit agreed upon by governments nearly ten years ago to prevent dangerous consequences.
Climate change has intensified the destruction from tropical storms, heat waves, and floods in the region, contributing to unprecedented economic challenges and human suffering, said ADB President Masatsugu Asakawa.
Despite significant progress in reducing emission intensity and a 50% reduction in developing Asian countries since 2000, the region still accounts for nearly half of global greenhouse gas emissions, the bank emphasized.
ADB notes that rapid production growth, increasing energy demand, and rising domestic consumption have contributed to emission increases over the past two decades, with China accounting for two-thirds of the growth.
According to the bank's research, the energy sector is the largest greenhouse gas emitter in the region, accounting for 77.6% of all emissions, due to heavy reliance on fossil fuels.
ADB believes that if these trends continue, developing Asia will be at the center of the climate crisis, both in terms of global warming impacts and solutions. The bank urges regional countries to develop more ambitious and comprehensive climate mitigation action plans, accelerate the transition to zero emissions, and increase investment in advanced climate technologies and solutions.
Referring to developing Asia, ADB includes 46 Asia-Pacific countries stretching from Georgia to Samoa, excluding Japan, Australia, and New Zealand.