Page 5 - AsiaElec Week 04 2022

AsiaElec COMMENTARY AsiaElec

cutting emissions by about a quarter since 2005.
The US is expected to have a 1.2% loss in total monsoon season in 2019 showed. The gains
economic output by 2050 if it reaches its net zero from avoided climate damage temper India’s
targets, but this commitment is questioned due overall impact from transition.
to the current and future state of partisan politics
in the country. Finance gap
Climate finance for lower-income countries,
The most vulnerable including government transfers and private sec-
China is facing the greatest potential GDP loss in tor investment, can help address inequity. But a
absolute terms in a 1.5 °C world, of US$20 tril- truly fair and just transition will require actions
lion to 2050. to exceed our current expectations.
The transition poses extremely mixed pros- Economies that are already closer to net-zero
pects to the country. As the world’s largest carbon targets will see a smaller economic impact from
emitter and an energy-intensive economy, its now to 2050. For a fortunate few, the transition
decarbonisation challenge is colossal. But China need not result in economic loss at all. Those that
has many advantages and, in many respects, is are better positioned – typically wealthier econ-
‘transition ready’, producing more than 50% of omies with a strong propensity to invest in new
the world’s solar and wind technology, electric technologies – may even benefit economically
vehicles and three quarters of all lithium-ion by 2050.
batteries. Exporting these to other countries will Some countries facing the greatest burden
have economic benefits. from the costs of a 1.5 °C pathway are also among
India, meanwhile, needs to accelerate its those expected to see the fastest growth in popu-
net-zero goal to 2050 from 2070, as pledged at lation over the next 30 years.
COP26, to align to a 1.5°C world. The effect on population is one of the many
While India faces hefty mitigation costs, it is uncertainties of climate change. If limiting global
also very vulnerable to climate change. warming lifts population growth, in per capita
Climate change is already imposing eco- GDP terms, the cost of decarbonisation could be
nomic costs on the economy, as the protracted even greater.™

Week 04 26•January•2022 www. NEWSBASE .com P5