Asia, home to 60% of the world’s population and one of the fastest growing economies, which account for over half of the world’s greenhouse gas emissions, has its distinct challenges both in terms of economic development and transition towards an inclusive low-carbon economy.
The economic development needs in Asia are daunting, especially for its numerous emerging markets and developing economies. Developing countries in Asia alone need $1.7 trillion per year investments in infrastructure until 2030. GDP growth in East Asia is expected to reach 4.4% in 2023, 4.8% in South Asia, and 3.5% in Western Asia.
Asia is also facing a very significant energy transition challenge: the region is reliant on coal with a relatively young age of coal power fleets, about 85% of the energy consumed in Asia comes from fossil fuels and the population’s demand for energy is projected to double by 2030. The International Energy Agency estimates that the supply of renewable energy in Asia Pacific countries will increase by 11% by 2040, but that it will still only account for around 20% of the region’s total supply, given strong rising energy demand. Asia is also significantly exposed to physical risks caused by climate change: examples include heat waves in India, swine fever outbreaks in Thailand, and floods in Pakistan that have killed thousands of lives. Balancing economic development, climate actions and social inclusion is of paramount importance.
You can now read the full whitepaper at the link below
