AS the leaders of Asia and the Pacific attended the 26th United Nations Climate Change Conference of the Parties (COP26) in Glasgow, they can be sure that our region will be in the spotlight.
Many of the countries most vulnerable to the impacts of climate change are located here: seven G20 members from this region are responsible for more than half of global greenhouse gas (GHG) emissions and five of the top 10 countries with the greatest historic responsibility for emissions since the beginning of the 20th century are from Asia.
The starting point is not encouraging. A joint study by the Economic and Social Commission for Asia and the Pacific (ESCAP), UN Environment Programme and UN Women showed that the Asia-Pacific is falling further behind in its efforts: GHG emissions are projected to increase by 34 per cent by 2030, compared with 2010 levels.
Getting the 30 Asian and Pacific countries that have updated their nationally determined contributions (NDCs) to drastically raise ambitions and securing adequate NDCs from the other 19 who have yet to submit, will determine if the region — and indeed, the world — can maintain any hope of keeping the temperature increase well below 2°C.
There is a reason for hope. With major players moving away from foreign investments in coal, momentum is building for a transition to cleaner energy sources.
There is a growing share of renewables in the energy mix. Going forward, we should support increasing subregional and regional energy connectivity to enable the integration of higher shares of renewable energy. However, more support to exporters is needed to wean them off lucrative coal and fossil fuel reserves, supported by long-term low emissions development strategies.
The shift to sustainable transport has been slow, but the electric vehicle-mobility is growing. Countries are also emphasising low-carbon mobility in a new regional action plan under negotiation ahead of a ministerial conference on transport later this year. Local government commitments to carbon neutrality also support the greening of our cities.
The ESCAP Climate-smart Trade and Investment Index and carbon-border adjustment mechanisms show that Asian and Pacific economies have significant room to make their trade and investment more climate-smart. A growing number of countries are including climate and environment-related provisions in trade agreements.
More are requiring energy efficiency labelling and standards on imports. The digitalisation of existing trade processes also helps reduce CO2 emissions per transaction and should be accelerated, including through the regional UN treaty on crossborder paperless trade facilitation.
The ESCAP Sustainable Business Network is crafting an Asia-Pacific Green Business Deal in pursuit of a “green” competitive advantage, while companies are responding to greater shareholder and consumer pressure for science-based targets that align businesses with climate aspirations.
Entrepreneurs, small- and medium-sized enterprises and large industries could adopt this new paradigm, which would enable countries to meet commitments for sustainable development.
Such action will require a realignment of finance and investment towards green industries and jobs of tomorrow. Innovative financial instruments and the implementation of debt-for-climate swaps can help mobilise additional funding.
Putting a price on carbon and applying carbon pricing instruments will create liquidity to drive economic activity up and emissions down. Mandatory climate-related financial disclosure will help investors direct their investments towards climate action solutions that will help manage risks associated with climate-related problems.
It is clear from the science and the frequency of disasters that time is not on our side. The combination of disasters, pandemic and climate change is expanding the number of people in vulnerable situations and raising the “riskscape”.
Building resilience must combine climate mitigation efforts and investments in nature-based climate solutions. It also requires increasing investments in universal social protection systems that provide adequate benefits over the lifecycle to people and households. Without concerted action, carbon neutrality is not within the reach of Asia-Pacific by 2050. All stakeholders need to collaborate and build a strong case for decisive climate action.
Our leaders simply cannot afford to be in Glasgow with insufficient ambitions and return empty handed.
The time is right for an alliance between governments, the private sector and financial institutions to turn the full power of the region’s ingenuity and dynamism into the net zero development pathway that our future depends on.
By Armida Salsiah Alisjahbana / new straitstimes
The views and opinions expressed in this article are solely those of the author and do not necessarily reflect the position of AsiaWeReview.
