ASEAN is challenged with a $2.7 trillion problem and a chance to go green and remain competitive, says Report

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According to a research paper issued on Wednesday, Southeast Asia has made the first critical steps toward transitioning to a greener and cleaner economy. Still, it would require US$2 trillion (S$2.7 trillion) in investment this decade to reduce emissions and remain competitive internationally (Sept 29).
According to a report by management consulting firm Bain & Company, Microsoft, and Singapore’s Temasek, the region needs to focus on three areas: accelerating the transition to green energy and transportation, placing a value on nature, and improving the efficiency, pollution, and environmental impact of the agri-food sector.
According to the study Southeast Asia’s Green Economy: Opportunities On The Road To Net Zero, doing so will address nearly 90% of the region’s greenhouse gas emissions from burning fossil fuels, as well as environmental harm from deforestation and fires, and inefficient farming methods.
According to the authors, Southeast Asia is the starting point for many global supply chains, ranging from natural resources and foods like rubber, rice, and palm oil to manufactured commodities like semiconductors. However, many of these supply chains are now unfriendly to the environment, emitting enormous volumes of carbon dioxide (CO2) that are warming the globe and fueling climate change.
According to the authors, this puts the area and its businesses at a competitive disadvantage since major global consumers are increasingly demanding that corporations do business with companies whose climate aims are aligned with those of the Paris climate accord.
The 2015 United Nations agreement seeks to limit global warming below 2 degrees Celsius by the end of the century, ideally 1.5 degrees Celsius over pre-industrial levels. To achieve this, governments and businesses must reach net-zero emissions by 2050.

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