Getting rid of fossil fuel subsidies, land use, and making agriculture greener are among the “low-hanging fruits” for countries in their effort to transition to net zero, according to the Asian Development Bank (ADB). Know more:
INCHEON, South Korea—Getting rid of fossil fuel subsidies, land use, and making agriculture greener are among the “low-hanging fruits” for countries in their effort to transition to net zero, according to the Asian Development Bank .
“Things like green building codes, carbon emission standards, and other ways that again, it’s all about making people, if there isn’t a carbon price out there, make people internalize actions that are going to be harmful for the environment,” Park said. Asakawa stressed that traditional models of lending and grantmaking will not be enough to respond to the challenge of climate change. MDBs must undertake efforts to “help economies transition, swiftly and justly, to a net zero future.”
This is especially crucial since climate change under a high emissions scenario could impose GDP losses of 24 percent in the whole of developing Asia, 35 percent in India, 30 percent in Southeast Asia and 24 percent in the rest of South Asia by 2100.
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