ADB Reports Severe Economic Impact from Climate Change

A new report from the Asian Development Bank (ADB) warns that developing Asia could see a 17% drop in GDP by 2070 if greenhouse gas emissions remain high, with potential losses rising to 41% by 2100. The report highlights that urgent climate action is needed to mitigate the severe impacts of climate change, which include rising sea levels and reduced labor productivity, particularly affecting lower-income and fragile economies. Current policies are projected to lead to a global temperature increase of approximately 3°C, significantly exceeding the 1.5°C target set by the Paris Agreement. Despite a 50% reduction in emissions intensity since 2000, the region continues to produce nearly half of global emissions, with the energy sector being the largest contributor. Public sentiment in the region strongly supports climate action, with 91% of surveyed individuals recognizing global warming as a serious issue. The ADB estimates that annual investment for adaptation efforts should range between $102 billion and $431 billion, vastly outpacing the current adaptation finance levels.