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Key takeways
- Climate change commitments have stepped up recently but have yet to fully answer the call. National commitments should not constitute a limitation or constraint for a business entity to set ambitious net zero targets that are aligned with the Paris Agreement.
- As Asia is reliant on coal with a relatively young age of coal power fleets at 13 years old vs. 30 to 40 years elsewhere, more innovative mechanisms are expected to be part of the regional coal phase-out and energy transformation journey.
- Clean energy investment in emerging and developing economies in general need to expand by more than 7 times to above US$1 trillion under a net zero scenario by 2050.
- Besides transition risk, Asia stands out to be one of the regions most exposed to physical climate risk. The loss in economic value for Asia would be around 15-20% of GDP by mid-century.
- Climate transition in Asia has its distinct challenges. Balancing economic development, climate actions and social inclusion will be critical to ensure a just transition pathway that leaves no one behind.
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