Asia needs finance and technology to battle climate change
More than ever, Asia and the Pacific needs finance, technology and
know-how from the COP21 climate agreement to help the region win the
fight against climate change. Asia and the Pacific wants - and needs - a
strong climate agreement in December, laying out a clear path to the
$100 billion climate finance target by 2020, accompanied by robust
support for technology transfer and capacity building for developing
countries.
 Over 190 government representatives will gather in the French capital
of Paris from November 30 to December 11 along with officials of
companies, non-government organizations, academics and civil society to
finalize an agreement on climate change. The ADB's delegation will be
led by its President, Takehiko Nakao, and Vice President for Knowledge
Management and Sustainable Development, Bambang Susantono.
Under the auspices of the Conference of the Parties (COP21) to the
United Nations Framework Convention on Climate Change (UNFCCC), a new
agreement will aim to keep the global average temperature increase to no
more than two degrees above pre-industrial levels.
Greenhouse gases
Past agreements, including 1997's Kyoto Protocol, ushered in
commitments to cut greenhouse gases. However, climate experts agree that
a tougher, more comprehensive agreement is needed.
Expectations for the new agreement set to come into effect beyond
2020 are for commitments by all countries in accordance with the
principle of "common but differentiated responsibilities and respective
capabilities", understanding that some countries should and can do more
than others.
As of now, 147 countries accounting for about 90% of global economic
activity and global energy-related emissions have submitted their
Intended Nationally Determined Contributions (INDCs), or their climate
pledges.
Among them are 34 Asian countries, including developed nations such
as Australia, Japan, the Republic of Korea, New Zealand, and Singapore.
The PRC - one of the world's largest overall carbon emitters - has
committed to ensuring that its CO2 emissions peak by 2030 and that, by
then, it will cut its emissions per unit of GDP by 60-65% from 2005
levels. Meanwhile, India will cut the greenhouse gas emissions intensity
of its economy by up to 35% by 2030. Smaller nations too have promised
action with Samoa, for one, targeting all its energy to be from
renewable sources 2025.
A report on the submissions by the UNFCCC found the submissions would
collectively reduce global average per capita emissions by 8% by 2025
and 9% by 2030, although the global temperature could still rise by
around 2.7 degrees by 2100.
Key to many of the submissions, however, is a need for the finance to
both cut carbon emissions and to put in place the essential measures to
adapt to climate change.
A draft of the Paris agreement already circulated by the UNFCCC urges
a sustained flow of financial and technical support to developing
nations in particular and a scaling up from 2020 onwards.
Goal
At the 2010 UNFCCC meeting in Cancun, Mexico, developed countries set
a goal of providing $100 billion annually by 2020 to help developing
countries mitigate and adapt to climate change. A recent report from the
Organization for Economic Co-operation and Development estimated that
public and private finance to address climate change totaled $62 billion
in 2014, meaning there is still some way to go. For its part, the ADB
has already announced that it will double its climate finance for
developing Asia to $6 billion from 2020, with $4 billion dedicated to
mitigation through scaled up support for renewable energy, energy
efficiency, sustainable transport, and smart cities and the rest for
adaptation through more resilient infrastructure, climate-smart
agriculture and better preparation for climate-related disasters.
The ADB is also helping to channel finance from the Green Climate
Fund - one of UNFCCC's two main financing mechanisms - to the region. At
its meeting in early November, the fund approved its first batch of
financing. This included a $31 million grant for a $222 million ADB-led
project to ensure water supplies and waste-water services for almost
300,000 people in the Fiji capital of Suva are not compromised by
floods, droughts, and salinity intrusion due to a rising sea level. The
ADB is the first multilateral development bank to receive financing from
the Green Climate Fund.
Fiji, along with countries such as the Philippines, Pakistan, and
Samoa, is among the most vulnerable countries in the world to climate
change. However, the entire region, where 700 million still live in
extreme poverty, is at high risk, meaning a binding and monitored
agreement from Paris is critical.
- ADB
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