Asia needs to spend US$300 billion on climate change

Developing economies in Asia will have to spend $300 billion a year until 2050 to meet the Paris climate deal targets, but can expect to save thousands of lives and avoid worsening poverty if they shift to low-carbon growth, research from the Asian Development Bank(ADB) shows.

“ADB estimates that the region can generate more than $2 in gains for each $1 of cost it bears to reach the Paris goal – if the right steps are taken,” ADB’s deputy chief economist Juzhong Zhuang said.

Spending on renewable power, carbon capture and storage, and smart grids could also help communities who rely on climate-sensitive agriculture and land for their livelihoods from plunging deeper into poverty.

ADB urged the region to slash its heavy dependence on fossil fuels, which currently contribute to over two-thirds of Asia’s total emissions, and boost investment in renewable energy.