Carbon Pricing for Green Recovery and Growth
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Carbon Pricing for Green Recovery and Growth - Asian Development Bank
CARBON PRICING FOR GREEN RECOVERY AND GROWTH
NOVEMBER 2021
Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO)
© 2021 Asian Development Bank
6 ADB Avenue, Mandaluyong City, 1550 Metro Manila, Philippines
Tel +63 2 8632 4444; Fax +63 2 8636 2444
www.adb.org
Some rights reserved. Published in 2021.
ISBN 978-92-9269-099-1 (print); 978-92-9269-100-4 (electronic); 978-92-9269-101-1 (ebook)
Publication Stock No. TCS210403-2
DOI: http://dx.doi.org/10.22617/TCS210403-2
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On the cover: Implementing carbon pricing policies can incentivize and facilitate the transition from fossil fuels to renewable energy technologies while fostering green recovery and growth (photos by Al Benavente and Patarapol Tularak for ADB)
Cover design by Edith Creus.
Contents
Table, Figures, and Boxes
Foreword
Climate change continues to affect many aspects of our day-to-day life as we experience a sharp increase in climate shocks and stress. The Asia and Pacific region is particularly vulnerable to the impacts of climate change and is facing more intense and frequent extreme weather events affecting livelihoods, food and water security, and the health of millions of people. More than 60% of the people in the Asia and Pacific region work in sectors highly susceptible to changing weather patterns, and the situation is likely to worsen.
The Sixth Assessment Report of the Intergovernmental Panel on Climate Change published in August 2021 reiterates the scale of the climate change challenge. If the global community takes aggressive action and brings about transformational change at present, temperature rise can be limited to 1.5°C by mid-century. But if current trends continue, the Earth is on course to reach 1.5°C of warming within the next 2 decades. Despite the decrease in global greenhouse gas (GHG) emissions due to the economic downturn resulting from the coronavirus disease (COVID-19) pandemic, emissions are rising again. We are now dangerously close to the point where action will be too little and too late.
The battle against climate change will be won or lost in Asia and the Pacific: the region is currently responsible for over 50% of global GHG emissions. Alongside the urgent need to decarbonize and reduce GHG emissions, Asia and the Pacific faces the need to recover economically from the COVID-19 pandemic. The Asian Development Bank (ADB) recognizes that the need to meet these twin challenges requires us to not see them in competition with each other for scarce resources, but rather as synergistic, together creating an opportunity and a motivation to pursue green, resilient, inclusive, and sustainable economic growth.
Doing so will require both domestic and international sources of finance. Carbon pricing can play a major role in mobilizing both and,