ESCAP’s “Race to Net Zero” Report

Bangkok-based U.N. Economic and Social Commission for Asia and the Pacific (ESCAP) recently released a report titled “Race to Net Zero”. This report will serve as a guide and information source for the 79th session of ESCAP, which will focus on accelerating climate action for the first time.

According to this report, most countries in the Asia-Pacific region are “insufficiently prepared” to face extreme weather events and natural disasters, which are increasing in intensity and frequency partly due to climate change. It highlights that the region is responsible for over half of the world’s greenhouse gas emissions.

Impact of Climate Change in the Asia-Pacific Region

The Asia-Pacific region has experienced a faster rise in temperatures over the past 60 years than the global average. The region suffers the worst consequences of climate change, with six of the top 10 most affected countries located in the Asia-Pacific region.

According to the ESCAP report, natural and biological hazards in the Asia-Pacific region have contributed an estimated annual economic loss of U.S. $780 billion, causing disruption in food systems, damaged economies and undermined societies. The report predicts an increase to $1.1 trillion in a moderate climate change scenario and $1.4 trillion in the worst-case scenario.

Challenges Faced by Asia-Pacific Countries

Asia-Pacific countries lack the necessary financial means to support adaptation and mitigation efforts, the required data to inform climate action, and climate-resilient infrastructure and services.

Coal and Emissions in the Asia-Pacific Region

According to the March report by the U.N.-related Intergovernmental Panel on Climate Change (IPCC), the Asia-Pacific region accounted for 57% of global emissions from fuel combustion in 2020, with three-fifths of the emissions being generated from coal. The report further states that 85% of Asia and the Pacific’s primary energy supply comes from fossil fuels, while 60% of the region’s energy-related CO2 emissions come from coal.

Phasing Out Coal to Limit Temperature Rises

To limit temperature rises to 1.5°C, the report suggests that oil and gas must be radically phased down by 2050, and coal must be wholly phased out. ESCAP adds that three-fourths of global emissions in manufacturing and construction come from the region.

Month: Current Affairs - May, 2023

Category: Reports & Indexes Current Affairs