A new report from the Asian Development Bank says Asia must rapidly cut fossil fuel subsidies to avoid catastrophic climate change that puts the region at risk
The report recommends reducing subsidies for fossil fuels, putting a price on greenhouse gas emissions and providing more policy incentives for clean energy.According to the report, an average annual investment of $707 billion is needed across Asian countries to keep global temperatures from rising more than 2 degrees Celsius. / Photo: AP
Several countries are developing new coal-fired power plants in Asia, which accounts for 94 percent of the global pipeline of coal-fired power plants under construction, planned, or announced, according to the report. The report estimated that 346,000 lives would be saved annually by 2030 if developing countries in Asia meet their goals for shifting to clean energy, leading to reduced air pollution.
The report said $ 397 billion has been invested in the clean energy transition in Asia's developing countries, but an average annual investment of $707 billion is needed in those countries to keep global temperatures from rising more than 2 degrees Celsius called for in the Paris agreement to avoid the worst effects of climate change.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Asian Stock Market: Upbeat US tech stocks’ earnings fail to cheer Asian indices, oil advancesMarkets in the Asian domain have witnessed immense selling pressure despite upbeat earnings reported by United States technology stocks on Tuesday. Mi
Read more »
TRT WorldUrdu is one of India’s 22 official languages but still carries the tag of being the language of Muslims. But there are signs of the language's revival and acceptability among Indians Opinion | iamrana
Read more »
TRT WorldUS schools are fast turning into a cesspool of anti-Muslim hatred as the systemic abuse of young Muslim students has crossed a staggering 62 percent nationwide
Read more »
TRT WorldBrazil Congress opens inquiry into January 8 capital storming while ex-president Jair Bolsonaro denies all involvement in anti-government riots by his supporters
Read more »
TRT WorldA French official advocated for the cold-blooded murder of Comorian migrants, saying that slaying them would send a stern message to other migrants
Read more »
TRT WorldThe Turkish Republic of Northern Cyprus condemns Greek Cypriot's preparation for drilling activities in the so-called exclusive economic zone
Read more »