To meet net-zero goals, Asia-Pacific must move away from the ‘brown economy’

Moving away from the brown economy is imperative because emissions are rising and dependence on fossil fuels has left economies struggling with price volatility and energy insecurity

In Asia, transport is powered by fossil fuels and as a result accounted for 24 per cent of total carbon emissions by 2018. PHOTO: REUTERS

The recent climate talks in Egypt left us with a sobering reality: The window for keeping global warming to 1.5 deg C is closing fast, and what is on the table now is insufficient to avert some of the worst potential effects of climate change. The Nationally Determined Contribution targets of Asian and Pacific countries will result in a 16 per cent jump in greenhouse gas emissions by 2030 from 2010 levels.

What is needed, as United Nations Secretary-General Antonio Guterres pointed out, is a “giant leap on climate ambition”. Carbon neutrality needs to be at the heart of national development strategies and reflected in public and private investment decisions. And this should cascade down to each sector of the economy.

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