Key Findings of the Race to Net Zero Report

• The Asia-Pacific region is lacking in necessary resources and information to support mitigation and adaptation efforts.
• Development in the region is increasingly being undermined by climate change and related disasters, eroding the benefits of hard-fought development gains.
• Out of the ten nations most affected by climate-related disasters, six are situated in the Asia-Pacific region.
• Climate change is disrupting food systems, damaging businesses, and weakening societies.

Challenges Faced by the Asia-Pacific Region in Addressing Climate Change

• Increasing incidents of extreme weather: The region has witnessed an upsurge in unpredictable natural disasters, ranging from tropical cyclones to heatwaves, floods, and droughts. These events have led to extensive destruction, pushing millions into poverty, and negatively impacting public health.
• Vulnerability of the region: The Asia-Pacific region, home to a significant portion of the world’s population, is one of the fastest-growing regions globally. It hosts most of the world’s low-lying cities and fragile small island nations, making it particularly vulnerable to climate change impacts.
• Economic implications of climate change: The financial burden of climate change is already significant. ESCAP estimates that the average annual losses from environmental and biological hazards in the Asia-Pacific region amount to around $780 billion.
• Lack of sufficient funding: Current funding falls short of the region’s investment needs for climate action and to maintain global warming at 1.5°C.

Recommendations from the ESCAP Race to Net Zero Report

The report outlines necessary changes in three key sectors — energy, transport, and international trade and investment — to close the emissions gap.

• Climate-proofed Energy Systems:

• • Rapid adoption of renewable energy requires overhauling national energy systems, developing new technical capabilities, and significant supply and infrastructure investments. The report emphasizes increasing the share of renewable energy in international electrical systems.
  • Local renewable energy usage can cut high transmission costs.
  • Energy efficiency standards must align with net-zero goals to reduce the carbon footprint in the building sector.
  • The report highlights the need for climate-proof energy solutions. Hydropower, the most common form of installed renewable energy in the region, has become increasingly unreliable.

• Sustainable Transport:

• • The transport sector, heavily reliant on oil, needs to shift towards a low-carbon trajectory.
  • This can be achieved through integrated land use and planning, transitioning to sustainable transport modes with low or net-zero carbon emissions, and improving vehicle and fuel efficiency.

• Climate-Smart Trade:

• • The report underscores the need to incorporate climate considerations into regional trade agreements.
  • There has been a recent surge in businesses producing sustainability reports and tracking greenhouse gas emissions.
  • Trade needs to be climate-smart; since 2005, climate-related measures have been included in 85% of regional trade agreements involving at least one Asia-Pacific economy.
  • The private sector must be encouraged to take steps towards a low-carbon future, and sustainability needs to be integrated into business practices.

Conclusion: If immediate action is not taken, climate change will continue to be a major contributor to poverty and inequality in the region. It disproportionately impacts the poor and marginalized groups, exacerbating the underlying causes of poverty and societal inequalities. If climate change is not halted, it will increase the challenges posed by other concurrent issues, putting the Sustainable Development Goals (SDG) at risk.