Asia-Pacific, the Gigantic Domino of Climate Change

Addressing vulnerability and promoting security
Posted Mar 28, 2021 | IMF Blog, Vitor Gaspar, Chang Yong Rhee

Comprising the world’s most populous and fastest-growing economies, Asia-Pacific emits the largest volume of greenhouse gases – about half the world’s carbon dioxide –  and needs to make greater efforts to reduce emissions if the Paris Agreement’s goal of containing warming to 1.5–2 degrees Centigrade above pre-industrial levels is to be achieved. In this IMF Blog, Vitor Gaspar and Chang Yong Rhee argue that the COVID-19 crisis does not change the climate crisis, but offers an opportunity to ensure that a large part of the recovery spending is allocated to greener activities. They suggest that rather than taxing all emissions, the most polluting fuels should be targeted. As green investment is generally more labour-intensive than other types, Asian economies would become more sustainable and resilient in the longer-term, and could build on their lead in many emerging green technologies.


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