In the middle of this financial crisis there is a debate taking place over whether governments can afford both massive tax-funded spending programmes needed to revive ailing economies, and the emissions cuts that are needed to combat climate change. Few regions on Earth throw this tension into sharper contrast than south-east Asia, where many nations are highly vulnerable to the effects of global warming while also having the chance to develop low-carbon economies. The plain truth is that nations can no longer afford to delay action on climate change, even temporarily, and such spending can serve as effective fiscal stimulus. Despite the global economic downturn the world is still warming. A major new report from the Asian Development Bank – The Economics of Climate Change in Southeast Asia: A Regional Review – explains how countries that invest now in climate change adaptation will better protect their people, economy and environment. Even with aggressive adaptation efforts, the negative impacts of climate change will continue to worsen. Only concerted global action to reduce greenhouse gas emissions can ultimately steer the world off its current calamitous course. The report examines a wide range of climate change impacts in Indonesia, Philippines, […]