ADB Warns of Climate Crisis in Developing Asia

The climate crisis is intensifying globally, with California facing significant economic impacts from natural disasters and climate inaction, costing the state billions annually. The Asian Development Bank warns that developing Asian countries require up to $431 billion per year to address climate change, but are currently far behind in funding, relying heavily on fossil fuel subsidies. As nations prepare for COP29, the need for increased climate finance is paramount, with current commitments proving inadequate for both mitigation and adaptation efforts. Recent flooding in Europe and Asia, as well as ongoing wildfires, underscore the urgency for robust climate action and funding. Countries like Greece are struggling to balance domestic needs with their obligations to provide climate finance to others, highlighting the need for a broader contributor base. The situation calls for immediate prioritization of climate projects to protect vulnerable communities from extreme weather events.