Climate urgency will push South-east Asia to confront fuel subsidies, LNG, offsets

HEIGHTENED debate over fossil-fuel subsidies, liquefied natural gas (LNG) as a transition fuel and the role of carbon offsets lie ahead for coal-dependent South-east Asia, observers told The Business Times (BT) in the wake of a key climate “stocktake” report.

The recently released synthesis report for the Paris Agreement’s first global stocktake found that global greenhouse-gas emission curbs are far short of mitigation pathways to avert catastrophic temperature levels. The report, which will set the tone for negotiations at the upcoming 28th United Nations Climate Change Conference (COP28) in Dubai in late November and early December, called for urgent climate action.

Policy changes

Fast-tracking policymaking on energy transition plans, increasing climate ambitions and targets, and ensuring ambitions translate to actions are some important policy moves that governments need to make, observers told BT.