Facing the storm through the market: harnessing carbon markets to power Southeast Asia's green development

Wong, Catherine Mei Ling (2010) Facing the storm through the market: harnessing carbon markets to power Southeast Asia's green development. In: Motesano, Michael J., and Onn, Lee Poh, (eds.) Regional Outlook. Regional Outlook, Southeast Asia 2010-2011 . Institute of South East Asian Studies, Singapore, pp. 72-78.

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[Extract] Southeast Asia is one of the most vulnerable regions to the impacts of climate change. With its long coastlines, high concentration of population and economic activity in coastal areas, and heavy reliance on agriculture, natural resources and forestry, the region stands to lose 6.7 per cent of its combined gross domestic product (GDP) each year by 2100 if emissions continue at "business-as-usual".1

According to a 2009 Asian Development Bank (ADB) report, sea levels in the region will rise by 40 cm by 2100; Indonesia will likely lose 2,000 small islands by 2030 and the Philippines will see a 1 metre rise in sea levels by 2080, inundating 5,000 hectares of the Manila Bay area, and affecting 2.5 million people.

By 2015, 55 per cent of greenhouse gas (GHG) emissions are projected to come from Asia's cities due to a 44 million annual urban population increase. This will make the region one of the main contributors to global GHG emissions.

The cost of climate change adaptation and mitigation is staggering, but the funding available to meet these needs are even more alarming — less than 5 per cent of the projected needs. Funding available (up to 2012) for mitigation efforts amount to US$8 billion a year as opposed to the annual US$400 billion needed by developing countries. The funding gap for adaptation is even more jarring — the potential adaptation finance now available is less than US$1 billion a year, compared with the annual US$75 billion required.

Item ID: 33046
Item Type: Book Chapter (Research - B1)
ISBN: 981-981-4279-54-3
Date Deposited: 26 Nov 2014 23:39
FoR Codes: 16 STUDIES IN HUMAN SOCIETY > 1608 Sociology > 160802 Environmental Sociology @ 50%
16 STUDIES IN HUMAN SOCIETY > 1606 Political Science > 160605 Environmental Politics @ 50%
SEO Codes: 96 ENVIRONMENT > 9603 Climate and Climate Change > 960302 Climate Change Mitigation Strategies @ 45%
96 ENVIRONMENT > 9607 Environmental Policy, Legislation and Standards > 960707 Trade and Environment @ 45%
94 LAW, POLITICS AND COMMUNITY SERVICES > 9402 Government and Politics > 940299 Government and Politics not elsewhere classified @ 10%
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