Solving the climate crisis hinges on action taken in Asia
- Many of the places likely to be hit hardest by climate change and its economic effects are in Asia, with China, South Korea and Japan all in jeopardy
- But Asia also has a major role in the solution. Its rainforests, mangroves and reefs – and even its financial hub of Hong Kong – all have a key part to play
What changed? The International Panel on Climate Change (IPCC) released in February its newest report presenting the findings of 270 researchers from 67 countries.
In many ways, the overarching message is unchanged from previous landmark reports: the science unequivocally shows that climate change will be irreversibly detrimental to natural and human systems alike, especially if we do not act swiftly to curtail greenhouse gas emissions.
This time, however, the report highlights the disproportionate effects that certain regions of the world are facing with previously unforeseen clarity.
Asia’s precious biodiversity at risk
Asia also houses seven of the eight world megacities that were deemed most vulnerable to disaster-related mortality: Tokyo, Osaka, Karachi, Kolkata, Manila, Tianjin, and Jakarta.
At the same time, the suite of natural ecosystems housed in the Asia-Pacific region are key to solving the climate crisis. With tropical rainforests, mangroves, and coral reefs that underpin the health and functioning of the entire planet, Asia has the highest number of biodiversity hotspots in the world.
How climate change will affect Asia
The latest projections show that protecting and restoring Southeast Asian rainforests alone can facilitate enough recovery to more than offset the entire region’s emissions by 2050 – effectively creating a net positive “sink” for carbon.
With the region currently facing some of the highest deforestation rates in the world, however, continuation of business-as-usual practices will essentially negate this enormous emissions offset capacity.
The decline in Asia’s biodiversity and accelerated destruction of wildlife habitats have also increased the transmission of viral infections from animals to humans.
Financing a pathway forward
It is clear that steps must be taken to protect and restore Asia’s natural habitats to mitigate immense socioeconomic losses. So how do we move forward?
The IPCC report identified gaps in financing as a primary bottleneck that is slowing progress towards climate adaptation and biodiversity conservation.
In 2009, wealthier nations pledged to channel US$100 billion annually to support climate mitigation in developing countries from 2020 onwards. But two years have since come and gone, and this target has yet to be reached.
Much of the climate finance funding gap will need to be covered by private capital investment and commitments from public funds that have historically sat on the sidelines. Such funding can aid the development of technologies that reduce carbon emissions, phase out the use of non-renewable energy resources, and, importantly, reverse the ongoing destruction of natural landscapes.
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Steps have already been made in the right direction. Last November, the Hong Kong government announced the successful offering of 5 billion yuan (US$790 million) in green bonds to support regional environmental sustainability.
On the private capital side, asset managers are starting to wake up to the untapped potential of climate finance. Paying attention to environmental themes has rapidly evolved into more than just a nice-to-have, but a crucial component of evaluating the risks and opportunities to their portfolios.
Too little too late?
While capital is currently being mobilised at previously unforeseen magnitudes to address the climate crisis, we are still far from where we need to be.
The World Economic Forum estimates that US$4-5 trillion of annual investment is needed to fund global decarbonisation. The latest figures from 2020, however, show that total climate financing only reached 12-16 per cent of this target.
Other challenges stand in the way: passive and fragmented governance across the region in response to climate change, a lack of frameworks to prioritise actions, and insufficient data to monitor progress.
Furthermore, the field of climate finance is still relatively nascent, especially in Asia.
Later this year, the United Nations Conference of Parties (UN COP) will convene in Kunming, China, for the 15th biennial Biodiversity Conference (COP15).
At the conference, nations must negotiate a new agreement to outline concrete targets and actionable steps for their prior pledge to “ensure that biodiversity is put on a path to recovery by 2030 at the latest”. Failure to do so will further sideline the importance of Asia’s biodiversity in the greater fight against climate change.
As the climate clock ticks dangerously close to zero, it is imperative that stakeholders work collaboratively across sectors, geographies, and governing bodies to focus attention on Asia’s natural ecosystems.
Ashley Bang is a data scientist whose research focuses on climate change, marine biology and applied conservation policy
