Progress & Priorities for Asia’s Climate Finance en Route to COP28
The Asian region is warming faster than the global average, making it comparatively vulnerable to the effects of climate change. At the same time, Asia remains a disproportionate contributor to global greenhouse gas emissions, with its annual emissions now accounting for more than half of the global total.
Yet countries are reluctant to make ambitious climate pledges unless they are confident that they can secure the finance needed to implement such targets. Meanwhile, the COVID-19 pandemic, unsustainable debt, and climate change itself have complicated the amount of finance that will be needed and countries’ ability to access it.
In light of these challenges, a new report on behalf of the High-level Policy Commission on Getting Asia to Net Zero articulates a regional vision for Asia’s unique climate finance needs and what needs to be done to address them. Progress & Priorities for Asia’s Climate Finance en Route to COP28 identifies priority actions to assemble the finance to get Asia to net zero by mid-century while empowering the region to prosper and thrive through the clean transition.
The 28th United Nations Climate Conference (COP28) next month will be hosted by the United Arab Emirates (UAE) in Dubai on behalf of the UN’s Asia-Pacific Group. Action to meet Asia’s climate finance needs could help unlock the ambition levels needed to set the world on track, especially as countries look to update their Nationally Determined Contributions (NDCs) in 2025 with targets out to 2035 and even 2040.
Lack of finance should not be a barrier to Asia’s climate action. Instead, sufficient finance could be the key to unlocking the “course correction” needed for Asia to help the world meet the Paris Agreement’s goals — and for ensuring a more sustainable, livable, and interconnected region and world.