Inactiveness on emissions could cut developing Asia's GDP by 17% by 2070, ADB states

Developing Asia deals with a. prospective 17% loss in its cumulative gdp. ( GDP) by 2070 if high emissions continue, the Asian Advancement. Bank (ADB) said on Thursday, underscoring the urgency for. more powerful and more ambitious climate action.

While mitigation efforts have gotten momentum, they remain. insufficient to fulfill global targets, the ADB said in its. inaugural climate report.

The ADB counts 46 Asia-Pacific countries as developing Asia,. stretching from Georgia to Samoa and omitting Japan, Australia. and New Zealand.

Existing climate policies would lead to international warming by. around 3 degrees Celsius (37.4 F) within this century, the ADB. stated, two times the cap of 1.5 C warming agreed by governments almost. a decade back to prevent a cascade of hazardous consequences.

Climate modification has actually supercharged the destruction from. hurricanes, heat waves, and floods in the area,. contributing to unprecedented financial challenges and human. suffering, ADB President Masatsugu Asakawa said.

In spite of significant strides in lowering emissions strength,. and a 50% reduction across developing Asia because 2000, the region. still produces nearly half of international greenhouse gas emissions.

Quick production, increasing energy demand and increased. domestic consumption fuelled the emissions rise over the past. 20 years, the ADB stated, with China accounting for two-thirds. of the increase. South Asia and Southeast Asia contributed 19.3%. and 15.4%, respectively.

The energy sector is the area's biggest emitter,. responsible for 77.6% of total emissions, driven by a heavy. dependence on fossil fuels.

Left unattended, these trends put developing Asia at the. centre of the climate crisis, both in regards to effects from. worldwide warming and services, the ADB said.

The window to remain within the 1.5 C target of the Paris. Agreement is rapidly closing, ADB said.

It prompted countries to come up with more enthusiastic and. large-scale mitigation action plans, accelerate the shift. to net zero emissions and scale up investments in advanced. environment technologies and nature-based solutions.

Up to 300 million individuals in the region could be threatened. by seaside inundation, and trillions of dollars of seaside. properties could be harmed each year by 2070 if the climate crisis. continues to accelerate, the Manila-based lender said.

Urgent, well-coordinated climate action that addresses. these impacts is required before it is far too late, Asakawa said.

(source: Reuters)