Asian Development Bank – Asia-Pacific Climate Report, 2024

The Asian Development Bank's "Asia-Pacific Climate Report 2024: Catalyzing Finance and Policy Solutions" underscores the urgent need for enhanced climate action in the region, projecting a potential 17% reduction in GDP by 2070 under high-emission scenarios. The report highlights the significant funding gap for climate adaptation, estimating annual needs between $102 billion and $431 billion, far exceeding the $34 billion committed in 2022. It emphasizes the necessity for strategic policy reforms to mobilize private capital and implement effective carbon pricing mechanisms. Additionally, the study calls for accelerated adaptation measures to address escalating climate risks, advocating for coordinated efforts among governments, private sectors, and international organizations to mitigate economic and environmental impacts.