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1. Asia’s Climate Finance Needs & Opportunities: Advancing a Shared Vision

Author:
Meera Gopal and Kate Logan
Publication Date:
06-2024
Content Type:
Special Report
Institution:
Asia Society
Abstract:
Asia is home to over half of the world’s population and faces immense challenges from climate change impacts. Despite receiving more climate finance than other regions, Asia's needs far outpace current flows, highlighting the urgency for enhanced transparency and accelerated reforms. “Asia’s Climate Finance Needs & Opportunities: Advancing a Shared Vision” provides a comprehensive analysis of climate finance flows to developing countries in Asia, emphasizing the need for reforms to the global financial architecture. This report, launched by the Asia Society Policy Institute, takes stock of current financial flows, assesses how global financial reforms could enhance these flows, and offers recommendations for moving forward from an Asian perspective. The study highlights Asia's diverse climate finance needs, the role of China’s development finance in the region, and the challenges posed by varying needs across subregions. It underscores the importance of harmonizing data and standards to improve transparency and support equitable distribution of funds. Key recommendations include adopting a “whole-of-economy” approach, repurposing fossil fuel subsidies, and increasing finance for adaptation efforts by tapping into the private sector. These strategies aim to address the unique climate and development needs of Asia and support its transition towards sustainable growth.
Topic:
Reform, Climate Finance, Economic Growth, and Transparency
Political Geography:
Asia

2. Is International Climate Finance Unfair and Inefficient?

Author:
Thibaud Voïta
Publication Date:
06-2023
Content Type:
Policy Brief
Institution:
Institut français des relations internationales (IFRI)
Abstract:
Finance is arguably the most sensitive climate negotiation topic. Different studies have shown that rich countries emit the majority of greenhouse gas (GHG) emissions, while the climate footprint of the poorest countries is much more limited. In addition, the countries that emit the less often turn out to be among the most vulnerable to climate change, with high needs in terms of adaptation finance. According to some analysis, the 46 least-developed countries suffer from a high risk of loss and damage, and the countries that are the least at risk are in Europe. Therefore, developing countries are demanding contributions from the developed world to address their climate finance needs (both in terms of mitigation and adaptation). These demands have been somehow met with a pledge made at COP 15 in 2009, where developed countries announced a yearly contribution of 100 billion dollars (USD) by 2020. However, this pledge has not been honored. Meanwhile, climate change is accelerating and, as a result, countries’ needs in terms of adaptation are increasing, as well as their loss and damage. The finance gap is widening and though the 100 USD billion pledge is expected to be achieved in 2023, analysis from the think tank Climate Policy Initiative (CPI) shows that it will not be enough to address the current needs. According to their analysis, the current flows need to be increased by at least 590% annually. This briefing will show that, in addition, climate finance is not accessible to the poorest and therefore increases inequalities and the exclusion of the most vulnerable countries. The Prime Minister of Barbados, Ms. Mia Motley, complains that the “international financial system […] is broken, outdated, infested with short-termism and downright unfair. In parallel, the multilateral climate finance governance is evolving: new multilateral banks and donors are gaining ground and could be the first step of a power shift in climate finance from Western countries to emerging economies. Meanwhile, the Bretton Woods institutions are being reformed, and new mechanisms may bring promising developments (e.g., under Article 6 of the Paris Agreement). The Paris Summit for a New Global Financial Pact on June 22-23, 2023 is an opportunity to address these issues, though it also risks highlighting the North-South tensions further.
Topic:
European Union, Climate Finance, Energy Transition, and Green Economy
Political Geography:
Africa, Europe, Asia, and France

3. Climate finance in Asia: Assessing the state of climate finance in one of the world’s most climate vulnerable regions

Author:
Christopher Roy
Publication Date:
11-2022
Content Type:
Policy Brief
Institution:
Oxfam Publishing
Abstract:
Asia is particularly vulnerable to climate hazards including extreme temperatures, flooding, droughts, cyclones, and sea level rise. The most vulnerable communities need financial support to help adapt to the climate crisis – they cannot do so alone. Developed countries have promised $100 bn in climate finance to developing countries every year until 2025. This promise has not been met. Asian countries have outlined the support they require and delivering on these needs is integral to bringing climate justice to those most vulnerable to – yet least responsible for – the climate crisis. We find that the climate finance provided to Asia is woefully inadequate to support the necessary adaptation actions and vulnerable communities are suffering as a result.
Topic:
Climate Change, Environment, Finance, and Climate Finance
Political Geography:
Asia

4. Roadmap to a Northeast Asian Carbon Market

Author:
J. Jackson Ewing
Publication Date:
09-2016
Content Type:
Special Report
Institution:
Asia Society
Abstract:
FACING UP TO CLIMATE CHANGE IS A KEY CHALLENGE OF OUR TIME. We are on pace in 2016 to again record the warmest global temperatures ever measured; a distinction that now appears to be an annual occurrence. Weather is becoming less predictable, storms more intense, and drought and flooding more pervasive. This destroys livelihoods, impedes economic progress, and undermines the sustainable development gains we are working hard to achieve. Slowing down and ultimately reversing climate change requires us to lower our greenhouse gas emissions. And effectively pricing carbon emissions is a vital place to start. Pricing carbon through markets creates incentives, sets clear rules, and encourages regulated organizations to lower emissions in flexible ways that work for them. Like much in the current climate change arena, the main action on carbon markets is happening beneath the global scale. After years of chasing global mechanisms to price and trade carbon emissions credits, the landmark Paris Agreement of December 2015 both recognizes and provides political and policy space for efforts at local, state, and regional levels. The relevance of carbon markets is growing apace; almost doubling in scale since 2012 with forty states and twenty-three cities, regions, and provinces pricing emissions worth some $50 billion.
Topic:
Climate Change, Environment, International Trade and Finance, and Climate Finance
Political Geography:
Asia and Global Focus