How Asia is facing an $800 billion climate financing shortfall

The Asia-Pacific region is facing an $800 billion climate financing shortfall, exacerbated by the pandemic’s impact on public finances. To address this, a coordinated effort is needed from governments, central banks, financial supervisors, and multilateral institutions.

Key Takeaways

• The Asia-Pacific region faces an $800 billion shortfall in climate financing, requiring coordinated efforts by governments, central banks, and financial supervisors to unlock the potential of private capital.
• Asia’s pivotal role in global sustainability is underscored by its heavy reliance on coal for energy and the region’s urgent need for at least $1.1 trillion annually to meet mitigation and adaptation needs.
• To address the funding gap and challenges in accessing climate finance, actions such as phasing out fossil fuel subsidies, expanding carbon pricing, and strengthening data, taxonomies, and…