Philippines (GNP): Developing Asia is vulnerable to climate change, as discussed in the Asia-Pacific Climate Report 2024. The report indicates the challenges developing countries in the Asian and Pacific region might face in the upcoming years if not take serious precautionary steps.
The President of the Asian Development Bank (ADB), Masatsugu Asakawa discussed the climate report and said “Climate change has supercharged the devastation from tropical storms, heat waves, and floods in Asia and the Pacific, contributing to unprecedented economic challenges and human suffering.”
Sharing the GDP of the region, he mentions that it is important to take action. President Asakawa said, “The region could see a 17% GDP decline by 2070 due to climate change, escalating to 41% by 2100, if we do not take action now. These impacts will hit the poorest communities hardest.”
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Moreover, President Asakawa discussed the Asia-Pacific Climate Report 2024 and said “The Asia-Pacific Climate Report 2024, launched today, highlights these findings and the critical choices we face. It provides insight into how to finance urgent adaptation needs and offers policy recommendations on how to reduce greenhouse gas emissions at lowest cost.”
Lastly, he added, “Urgent, well-coordinated climate action that addresses climate impacts is needed before it is too late.”
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Asia-Pacific Climate Report 2024
According to the Asia-Pacific Climate Report 2024, the climate risk has increased over time.
Risks of the Climate Change
According to the report, some of the risks of the climate change are the following:
- Global Warming Projections: With the current policies, the global temperature can increase up to 3°C. However, the pledges in the nationally determined contributions (NDCs) could reduce this to 2.4°C.
- The Greenhouse Gases Emissions: Though the emission of greenhouse gases has decreased by over 50% since 2000, the region faces severe impacts and substantial economic losses.
- Economic Loss: Climate change could reduce the region’s GPD by 17% by 2070 under these high-end emissions, leading to poverty and vulnerability.
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Measures for Climate Change Mitigation
In light of these challenges, the report outlines several measures for climate change mitigation that could help reduce the further loss.
- Early and Coordinated Investments: It will avoid damage and enable transformative responses. Even most countries have prepared National Adaptation Plans (NAPs) to “integrate adaptation into medium-term development plans and expenditure frameworks.”
- Policy and Financial Sector Reform: Enabling clear policies related to carbon pricing and energy subsidies can improve the profitability of climate investments.
- Adaptation in the Development Plans: Policymakers must improve the adaptation policies by testing or predicting future challenges. Thus, using these adaptive measures in development frameworks not only addresses current vulnerabilities but also lays the necessary groundwork for sustainable growth in the future.
