Climate Change Impact in Asia-Pacific Needs Innovative Finance Solutions
By Jaya Ramachandran
BONN (IDN) – While global estimates range between US$55 trillion and $93 trillion to stay within 2 degree Celsius of temperature increase by 2030-2035, developing countries in Asia alone need an estimated US$3.6 billion per annum up to 2030 to transition toward net zero emissions and increased resilience, according to ESCAP News.
If finance is to be scaled-up to these levels, it is essential to use lending and capital market channels to shore up resources to effectively tackle the impact of climate change, according to countries in Asia-Pacific which gathered on November 16 on the sidelines of global climate talks in Bonn to discuss opportunities to raise ambition to meet the goals of the Paris Agreement through innovative finance solutions. It was acknowledged that additional support from the international community was required to support this effort.…