Our last regional stop on the road to COP26, World Climate Forum ASIA, took place alongside Ecosperity Week on September 28. World Climate Forum ASIA provided action-oriented insights on the Decade of Action for the Asian region:
Climate Change threatens Asia, but the Challenges can be Turned into Opportunities
19 out of the 25 global cities most exposed to a 1-meter sea level rise are in Asia. As 25% of the infrastructure needed in the Asia-Pacific has not yet been built, we have a unique chance to get it right from the outset and ensure a climate resilient development and rollout of roads, buildings and grids.
Seizing Opportunities to Enable Investments for Resilience
Many different stakeholders, such as utility companies, operators, businesses and governments are focusing on each part of the challenge to decarbonize their assets and foster climate resilience. However, the projects need to be bundled up, in order to make them attractive for investment.
Ambitious Cross-Sector Collaboration is needed
Public-private sector co-creation is needed in terms of finding the right solutions to the problems cities face, for example, decarbonizing older buildings. Multiple stakeholder consultations are cumbersome – but all perspectives are needed for the results to be meaningful.
Ambitious Transition Management is Core
The Singapore Green Plan 2030 is an example of a long-term plan with short term milestones set to drive the change of both technological solutions, business models and innovative finance. There is a role to play for all stakeholders that can stimulate a ripple effect. As Trane Technologies eloquently put it: ‘One company can change the industry, and one industry can change the world’.
The Energy Transition must be a Just Transition
Phasing out coal will be a challenge in Asia as the infrastructure is relatively young: at least 80% of the coal power capacity was built in the past 20 years. However, the transition to renewable energy sources is underway while a safety net is required for those at risk of losing their jobs when coal-fired power plants retire. The transition needs to be just and ensure that no one gets left behind.
Check out the engaging sessions and discussions from World Climate Forum ASIA!