Asia’s cities need better roadmaps, freer financing to meet climate targets    

MANY governments around the world are rallying to avert a climate catastrophe. More than 140 countries have set net-zero targets, and around 100 more are considering adopting them. However, a factor that’s often overlooked in the race to net-zero is what’s happening in our cities.

The reality is many Asian cities, which are significant contributors to climate change, have set ambitious targets without clear action plans to curb emissions in the sectors they control. With the war in Ukraine pushing up energy prices and the pandemic impacting municipal revenues, financing these actions also requires more creative means of borrowing. Fortunately, Asia’s mayors have achievable solutions available to them.

We know that cities are the engines of the global economy, generating more than 80 per cent of the world’s gross domestic product. But they also account for over 60 per cent of its greenhouse gas emissions, use more than 75 per cent of its natural resources, and produce roughly half of its waste. These statistics underscore the urgency of creating greener cities to reach net zero targets.