By Veronica Uy
Asia must lead the global transition to net-zero emissions to combat climate change, said Singapore’s Ambassador for Climate Action Ravi Menon in his keynote address at “Unlocking Capital for Sustainability 2024” summit in the Lion City last week (Sept. 12).
“The battle against climate change will be won or lost in Asia. It is not enough that Europe and America—or Singapore for that matter—reach net-zero. The rest of Asia must also get there, so that the planet that we all share is safe from climate disaster,” Menon said.
The former managing director of the Monetary Authority of Singapore explained that this is because Asia is responsible for over half of global emissions and that its energy demand is growing rapidly, potentially leading to catastrophic climate impacts if emissions are not curtailed.
“Energy demand in Asia is growing by 2.9 percent annually, the highest of any region around the world. And Asia is expected to account for 90 percent of the world’s future growth in energy demand, driven by industrialization, urbanization, a growing middle class, and the provision of electricity to rural villages,” he said.
“If emissions in Asia are not abated, the result will be catastrophic climate change globally,” he warned.
At the same time, Menon said, South and Southeast Asia will be most vulnerable to climate change.
“By 2080, about 1 billion people in South and Southeast Asia could be affected by extreme heat. Coastal cities in South and Southeast Asia are particularly vulnerable to rising sea levels and coastal flooding,” he said.
Singapore’s first climate-action ambassador presented solutions, adding that Asia should not have to choose between sustaining growth and reducing emissions.
“Asia will have to work towards decoupling economic growth from emissions. It will not be easy. It requires Asia to chart a transition pathway contextualized to its own unique challenges,” he said.
“But there can be no compromise on the eventual goal: close to net-zero emissions around the middle of the century. That timeline is set not by politics or economics, but by nature – if we want to avert the worst impacts of climate change,” he stressed.
Menon said at least 1.1 trillion US dollars annually is required for climate mitigation and adaptation in Asia, with a substantial financing gap that needs to be bridged through innovative mechanisms like blended finance and high-integrity carbon markets.
“Asia’s transition to net-zero will not be easy. But it is essential if the world is to avoid catastrophic climate change,” he said.
The Singaporean official also underscored the necessity for collaborative efforts within Asia and globally to achieve sustainable development while addressing the pressing challenges posed by climate change. He said these efforts include the phaseout of coal and the protection and restoration of forests, mangroves, and other natural carbon sinks.
“The world has a vested interest in Asia’s decarbonization. Singapore will do its part, in collaboration with others, to facilitate Asia’s transition to a greener and brighter future,” he said.
